Paystand Acquires Teampay to Advance DeFi Network

Paystand, a UK-based paytech, has acquired Teampay, a New York-based spend management software provider, in a move aimed at accelerating the development of an industry-wide decentralised finance (DeFi) network. The financial terms of the deal were not disclosed, but the acquisition was partly financed by Stifel Venture Banking.

This transaction merges Paystand’s blockchain-based business-to-business (B2B) payments platform with Teampay’s corporate expense and accounts payable (AP) management capabilities. The acquisition is expected to expand Paystand’s range of services, including digital payments, lockbox services, expense tracking, and direct deposit management.

This is Paystand’s second acquisition in the last two years, following its 2022 purchase of Yaydoo, a fintech focused on accounts payable and cash flow management. The Yaydoo acquisition also led to Paystand’s indirect acquisition of Oyster Financial, a financial services start-up aimed at small and medium-sized businesses (SMBs). This deal enabled Paystand to combine Yaydoo’s payment and collection functionalities with a broader suite of financial management tools.

Jeremy Almond, CEO of Paystand, explained that the acquisition of Teampay brings zero-fee blockchain payment technology closer to the traditional finance technology stack, with the goal of delivering better economics to businesses. He emphasised that a truly decentralised financial system requires the ability to manage both incoming and outgoing payments.

This acquisition signals Paystand’s commitment to expanding its DeFi network and enhancing its role in reshaping traditional finance. By integrating Teampay’s capabilities, Paystand aims to offer more comprehensive financial services, further positioning itself as a leader in the blockchain-based B2B payments space.