Paystand Acquires Yaydoo, Expands B2B Payments Reach

Blockchain payment startup Paystand acquires Mexican company Yaydoo, aiming for cross-market growth.

In a strategic move to bolster its business-to-business payment solutions, Paystand, a U.S.-based firm leveraging Ethereum blockchain technology, has acquired Yaydoo, an accounts-payable company from Mexico.

Paystand will continue to operate independently but sees significant potential for cross-selling its products in new markets. Paystand serves the U.S. and Canada, while Yaydoo operates in Mexico, Colombia, Peru, and Chile.

Both companies have secured substantial funding, with Paystand raising $50 million in a Series C round led by NewView Capital in 2021, and Yaydoo securing $20 million in a Series A round in August 2021.

Paystand's unique offering includes a proprietary bank network that facilitates zero-fee payments using the Ethereum blockchain and cloud technology. Yaydoo provides three main products—Vendorplace, P-Card, and PorCobrar—designed for seamless business-to-business transactions.

Jeremy Almond, CEO of Paystand, highlighted the synergy between the two companies: “This acquisition enables us to combine our strengths and expand our footprint in the rapidly growing B2B payments market in Latin America.”

Sergio Almaguer, CEO of Yaydoo, expressed enthusiasm for the partnership: “Joining forces with Paystand will allow us to offer our innovative financial solutions to a broader audience and drive greater efficiency in B2B transactions across the Americas.”

This acquisition marks a significant step towards the integration of blockchain technology in mainstream financial operations, potentially setting a precedent for future collaborations in the fintech space.

photo source / Blockonome