B2B payment platform PayStand announced on Tuesday it has expanded its digital platform in Canada in order to support domestic B2B commercial payments and continue the growth of its global payments infrastructure. The expansion into Canada comes less than one year after PayStand secured $6 million through its Series A funding round, which was led by BlueRun Ventures with participation from Cervin Ventures, Serra Ventures, TiE, and Capital for Founders. While sharing details about the company’s expansion, Jeremy Almond, CEO and Founder of PayStand, stated:
“Today’s commercial payments infrastructure in Canada is built on many layers of outdated technology and processes that are needlessly complex and time-consuming, not to mention error-prone and labor-intensive. PayStand has built a unique infrastructure capable of natively supporting Canadian electronic funds transfer (EFT) and card payment technology, essentially transforming and modernizing the entire payments lifecycle for businesses, no matter the type or manner of payment.”
PayStand reported that its expansion into Canada represents a significant next step in the company’s acceleration, further expanding its global payments infrastructure.
“By digitizing the commercial infrastructure required to support Canadian B2B payments, PayStand is uniquely positioned for growth and is the only cloud-based solution provider to offer native support for both United States and Canadian payments. Existing and new customers can now use Paystand’s PaaS technology to process domestic and cross-border payments—another significant growth vector.”
Founded in 2013, PayStand is described as a modern B2B payment platform that enables 0% bank-to-bank transactions.