Paystand Acquires Accounts Payable Startup Yaydoo
Nicholas Otieno Aug 03, 2022 02:50
Paystand said Yaydoo reinforces its strategic tools, local operations, and an unmatched presence in many of the attractive markets overseas.
Marking its entry into the Mexican market, the US-based blockchain-enabled B2B payments company Paystand has acquired Mexican accounts payable startup Yaydoo, for an undisclosed sum, according to a report by Axios media on Tuesday.
The acquisition is important as it signals Paystand's rising interest in fintech startups to expand overseas.
Paystand majorly operates its business in the U.S. and Canada and is mainly focused on collecting revenue and helping businesses get paid more efficiently and faster.
Mexico City-based Yaydoo is focused on serving customers in Spanish-speaking Latin America — including Colombia, Peru, and Chile — and it specializes in managing order procurement and accounts payable systems.
By integrating its technology with Yaydoo, Paystand intends to bolster its current B2B payment capabilities to expand its market reach.
The acquisition will allow Paystand to enhance payment processing to its services, enabling clients to operate more efficiently.
Yaydoo, the Mexico City-based B2B software and payments company, offers three products, VendorPlace, P-Card and PorCobrar, for optimizing access to smart liquidity, managing cash flow, and connecting small, midsize and large businesses to an ecosystem of digital tools.
Combined, the companies serve over 500,000 customers and have processed more than $5 billion in payment volume.
While the two firms will continue operating independently, they will tap a massive opportunity of cross-selling each product into different markets and accounting functions.
Paystand CEO Jeremy Almond said the businesses are "two sides of the same coin."
In December last year, PayStand, a platform using blockchain technology to automate commercial payments, added Bitcoin and Ether to its balance sheet.
In February last year, Paystand raised $20 million in Series B funding to make complex commercial transactions and payments easy and fast for enterprises.
The company’s service is based on a blockchain network that it said offers real-time, fund-verified payments, thus allowing businesses to move funds around instantly. Paystand automates and digitizes the payment lifecycle by integrating with client businesses' databases, from invoice to reconciliation.
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