Paystand Acquires Teampay to Expand Blockchain-Enabled B2B Payment Network
Paystand, a company based in Scotts Valley, California that specializes in blockchain-enabled B2B payments, has acquired Teampay, a provider of spend management software based in New York City. The financial details of the deal were not disclosed. Teampay's platform streamlines the purchase process across virtual and physical cards, invoices, and reimbursements, making it easier for larger SMBs and middle-market businesses across industries to manage expenses. By combining Teampay's network of 250,000 companies with Paystand's network of more than 800,000 companies with $10 billion in transactions, the acquisition expands the largest B2B payment network running on a commercial blockchain to more than 1 million business participants.
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