Paystand, a leading fintech company specializing in blockchain-enabled B2B payments, was recently recognized on the prestigious Deloitte Technology Fast 500™ list, securing the 306th spot for 2023. With an impressive 380% growth from 2020 to 2023, Paystand has quickly become a driving force in the fintech sector, revolutionizing how businesses handle B2B transactions. Paystand’s platform, which leverages blockchain technology, provides a zero-fee, digital-first alternative to traditional payment methods, helping businesses reduce costs while improving financial agility.
The Deloitte Technology Fast 500™ ranks the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies across North America. Now in its 30th year, this ranking highlights companies that have shown exceptional growth, innovation, and resilience in their respective industries. Paystand’s inclusion on this list for the second consecutive year reflects its ongoing success in disrupting the B2B payments landscape with its blockchain-based solutions.
Founded in 2013, Paystand offers an advanced payments network that empowers CFOs to incentivize payers to adopt more efficient payment behaviors, improving the company’s bottom line. The platform utilizes a combination of proprietary products, user interfaces, and economic incentive models to help small and medium-sized businesses (SMBs) achieve higher profitability.
Jeremy Almond, founder and CEO of Paystand, commented on the company’s rapid growth and its commitment to reimagining B2B payments: “The surge in Bitcoin’s valuation underscores the growing importance of blockchain technology in transforming the financial landscape. At Paystand, we’ve harnessed the power of blockchain to offer businesses a zero-fee, digital-first alternative that aligns with the efficiency and decentralization principles of Bitcoin.” He further emphasized that the company’s mission has always been to eliminate unnecessary fees and barriers, empowering businesses to achieve greater profitability and financial flexibility.
Over the past year, Paystand has introduced several key product innovations that have fueled its growth and expanded its reach. These milestones include:
- Expanding the Paystand Network: The company’s blockchain-enabled B2B payment network now facilitates over $11 billion in transactions and connects more than 1 million companies. This network expansion followed Paystand’s acquisition of Teampay, which added spend management features to complement its accounts receivable automation capabilities.
- Canadian Expansion: Paystand has successfully rolled out its full suite of platform benefits to Canadian users, including the introduction of the EFT payment rail for smoother cross-border payments.
- Deep ERP Integrations: Paystand strengthened its integrations with major enterprise resource planning (ERP) systems, such as Acumatica and Microsoft Dynamics Business Central, making it easier for businesses to integrate Paystand’s payment solutions into their existing workflows.
- Smart Check Product: Paystand launched a new Smart Check product that allows businesses to digitally capture and upload images of paper checks, transforming traditionally manual payments into secure, digital transactions.
- Smart Match AI: The introduction of Smart Match, an AI-powered tool, enables businesses to automatically detect and reconcile externally made direct deposits, streamlining the reconciliation process within their ERPs.
- Paystand.org Initiative: Through its Paystand.org platform, the company is promoting financial inclusion by using blockchain and Bitcoin to foster equitable finance in underserved communities. In partnership with 10 organizations across six countries, Paystand.org has impacted approximately 40,000 individuals through education and programs focused on Bitcoin and blockchain technology.
The recognition by Deloitte highlights the exceptional growth and innovation demonstrated by Paystand and other companies in the fintech space. Steve Fineberg, vice chair of Deloitte’s U.S. technology sector, noted, “This year’s winners have shown they have the vision and expertise to continue performing at a high level, and that deserves to be celebrated.” Christie Simons, partner at Deloitte & Touche LLP, added, “Innovation, transformation, and disruption of the status quo are at the forefront of this year’s Fast 500 list, marking an incredible time for innovation.”
With its continued focus on expanding the use of blockchain to improve financial systems, Paystand is poised to drive further transformation in the B2B payments industry. As the company grows, its efforts to eliminate transaction fees and create seamless, digital-first payment solutions are redefining the future of business payments.
