PayStand acquires Mexican FinTech Yaydoo
Blockchain-enabled B2B payments company PayStand has acquired Mexican FinTech Yaydoo, marking what the company called “one of the largest technology associations” in Latin America.
PayStand said in a press release on Wednesday (August 3) that the scale of the combined company could put it on track for an initial public offering (IPO) within the next two years.
Both PayStand and Yaydoo have created accounts receivable (AR) and accounts payable (AP) solutions for US and Latin American businesses, and they have built B2B decentralized finance (DeFi) payment networks in both the US and Mexico, the release said.
“The combined company will be one of the first global B2B blockchain platforms at significant scale,” PayStand CEO Jeremy Almond said in the release. “The resulting company will have processed over $5 billion in payments, added 300 additional employees and built a network of over 500,000 connected businesses, the largest of any commercial B2B blockchain in the world.”
Yaydoo CEO Sergio Almaguer said in the release that the acquisition will open opportunities to automate supply chain finance “through the import and export of one of the most active trade corridors globally,” while also forming B2B payment alliances between the US and Mexico.
Last month, PayStand launched what it called the world’s first dynamic discount application for merchants’ AR teams, powered by Ethereum smart contracts.
Read more: Paystand Unveils AR-Centric Dynamic Discount App
Early payment discounts give buyers an incentive to pay earlier, giving Paystand AR customers earlier access to cash, thereby reducing their days sales outstanding (DSO) through blockchain-powered smart contract technology.
“Early access to cash is key to business survival in today’s recessionary and inflationary environment,” Almond said at the time. “While early payment terms … have always been buried in paper and electronic B2B contracts as generalized static terms, sellers’ AR teams have not been able to leverage these to increase their cash flow.”
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