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B2B Payments Startup Paystand Acquires Mexican Peer Yaydoo
While the companies will operate independently, there is hope for cross-selling opportunities.
Updated May 11, 2023, 6:52 p.m. Published Aug 3, 2022, 1:07 p.m.
Paystand, a U.S.-based company that uses the Ethereum blockchain to enable business-to-business payments, has acquired Yaydoo, a Mexico-based accounts-payable company.
- Both companies will continue to operate independently, but there are opportunities to cross-sell each product in different markets, Axios reported on Tuesday. Paystand operates in the U.S. and Canada, while Yaydoo does business in Mexico, Colombia, Peru and Chile.
- In July 2021, Paystand raised $50 million in a Series C funding round led by NewView Capital – and including SoftBank’s SB Opportunity Fund as a participant. Yaydoo raised $20 million in a Series A round in August.
- Paystand has its own bank network that allows companies to make zero fee payments using the Ethereum blockchain and cloud technology.
- Yaydoo offers three products – Vendorplace, P-Card and PorCobrar – focused on business-to-business transactions.
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