Paystand, a fintech payments company, has been named the winner of the DeFi Innovation category in the 2024 Fintech Breakthrough Awards. The company was recognized for its decentralized finance technology, including its blockchain-enabled network for fast, secure, and zero-transaction fees money movement. Paystand has transacted over $8 billion using decentralized finance. The award also acknowledges Paystand's ability to speed up the accounts receivable process and its work during periods of banking uncertainty. Paystand's CEO, Jeremy Almond, expressed pride in being recognized as a leader in DeFi innovation and emphasized the company's mission to empower businesses with efficient financial operations.
Paystand has recently been ranked number 210 on the Deloitte Technology Fast 500 list. The company experienced 671% growth from 2019 to 2022. Paystand's technology incentivizes customers to change payment behavior, boosting their bottom line. The Deloitte Fast 500 list ranks the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America. Paystand aims to create an open commercial finance system and offers a zero-fee network for B2B payments. The company's solutions digitize receivables, automate processing, reduce time-to-cash, and eliminate transaction fees. Paystand recently introduced an integration with Microsoft Dynamics 365 Business Central for accounts receivable automation. The company was also integrated with Oracle's NetSuite and Sage Intacct. Paystand's CEO, Jeremy Almond, emphasized the importance of bringing in cash faster for small and medium-sized businesses, especially in the face of high inflation, high interest rates, and supply chain delays. He highlighted the company's use of blockchain technology to empower businesses and enable them to thrive without unnecessary fees. The Deloitte Technology Fast 500 winners are selected based on percentage fiscal year revenue growth. To be eligible, companies must have proprietary intellectual property or technology that contributes to a majority of their operating revenues. They must also have base-year operating revenues of at least US$50,000 and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered in North America.
Source: Business Wire [5de4fe30], Wire19 [8c9bdb90]