Paystand, a blockchain-enabled accounts receivable and B2B payments firm has acquired Yaydoo, the leader in accounts payable, cash flow management, and liquidity solutions in Mexico and LATAM. The acquisition will result in the forging of the biggest Blockchain B2B Fintech platform that can cover US and Latin America.
“Equally exciting for small and medium enterprises (‘SMEs’) across the Americas, PayStand now represents the largest enterprise application leveraging blockchain technology to reduce the cost of digital payments and accelerate the time to cash. We believe this value proposition will resonate even more in this increasingly uncertain economic environment.”
Both PayStand and Yaydoo offer a wide range of technology-enabled B2B solutions for automating transactions, payment, and bill collection processes.
The two companies have built best-in-class AR/AP solutions designed for the needs of both U.S. and LATAM businesses of all sizes. They have both created a B2B DeFi payment networks in both the US and Mexico, creating a network effect, and now set their sights on connecting their platforms through a single, open, instant and secure global payment network.
Jeremy Almond, CEO of PayStand, said, “Together, PayStand and Yaydoo will redefine the boundaries of B2B FinTech across the continent. The combined company will be one of the first global B2B blockchain platforms at a significant scale. The resulting company will have processed over $5 billion in payments, added 300 additional employees, and built a network of over 500,000 connected businesses, the largest of any commercial B2B blockchains in the world.”
Almond continued, “DeFi-enabled B2B payment networks that are on-chain can unlock transformative working capital efficiencies and make financial services more fair and open, especially in developing markets like LATAM. And we believe this industry disruption across borders and using DeFi blockchain can shift the balance of power from traditional financial institutions and governments to buyers, and sellers, benefitting business and society.”
Currently, the companies have already integrated globally with Oracle NetSuite, Sage Intacct, Xero, and with CONTPAQi in Mexico, enabling access to the largest and most sophisticated mid-market opportunity on the continent.
“This is a watershed moment for both companies, the B2B payments ecosystem as a whole, and for the blossoming Latin America tech ecosystem in particular,” said Roman Leal, Managing Partner of LEAP Global Partners. “Equally exciting for small and medium enterprises (‘SMEs’) across the Americas, PayStand now represents the largest enterprise application leveraging blockchain technology to reduce the cost of digital payments and accelerate the time to cash. We believe this value proposition will resonate even more in this increasingly uncertain economic environment.”
