Paystand is acquiring Teampay. Financial terms of the agreement were not disclosed.
Following the acquisition, Paystand will serve more than one million business customers.
Teampay will continue to serve its existing customers under the same brand, and things will be business as usual “in the near term.”
Cloud-based billing and payment platform Paystand announced this week it has agreed to acquire expense management platform Teampay. Financial terms of the agreement were not disclosed.
The strategic move marks the California-based company’s second acquisition. Paystand purchased procurement platform Yaydoo in 2022. Now, the company services more than one million companies.
Teampay was founded in 2016 to offer spend management, accounts payable automation, purchasing assistant, spend approval tools, accounting automation, and more to help small-to-mid-market businesses and enterprises automate their spending without sacrificing control.
Paystand, which leverages the blockchain and cloud technology to digitize and automate businesses’ cash lifecycle, will use Teampay to scale its services. “With the fusion of Paystand and Teampay we significantly expanded our network, which now touches over one million businesses,” Paystand said in a blog post announcement.
Logistically, Teampay will continue to serve its existing customers under the same brand, and things will be business as usual “in the near term.” The companies did not specify whether Paystand planned to dissolve the Teampay brand and bring the customers under its own platform.
Paystand was founded in 2013 to help businesses digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue. In addition to its B2B payments and billing capabilities, the company also helps businesses leverage the blockchain to securely record their payment history by certifying and notarizing payments on the blockchain. Paystand has raised a total of $98 million. Jeremy Almond is Co-Founder and CEO.
Photo by Alexander Suhorucov
