has raised $20 million to modernize commercial payments using its platform so that paying a corporate bill is as easy as making a consumer payment with a mobile app.
The Scotts Valley, California-based company will use the money to accelerate its expansion of products and services and hire more people to get the work done. It uses blockchain, the decentralized digital ledger that is both transparent and secure. And the idea is to use it to disrupt a traditional business so that money can be moved instantly.
The second round of funding comes from DNX Ventures, Battery Ventures, Epic Ventures, Commerce Ventures, and Wildcat Ventures. Existing investors BlueRun Ventures, Leap Global Partners, Cervin Ventures, and Serra Ventures.
The Paystand platform makes complicated commercial transactions