PayStand, a blockchain-enabled B2B payments startup, has purchased Mexican FinTech Yaydoo, creating “one of the biggest technology unions” in Latin America, according to the company. The merged company’s size, according to a press statement from PayStand on Wednesday, Aug. 3, could put it on the road to an initial public offering (IPO) within the next two years.
According to the release, PayStand and Yaydoo have constructed B2B decentralised finance (DeFi) payment networks in both the United States and Mexico, as well as accounts receivable (AR) and accounts payable (AP) solutions for American and Latin American firms.
PayStand CEO Jeremy Almond stated in the press announcement that “the combined company will be one of the first global B2B blockchain platforms at a significant scale.” The resulting business will have processed more than $5 billion in payments, hired 300 more people, and established the largest commercial B2B blockchain in the world, with over 500,000 connected businesses.
The acquisition will create opportunities to automate supply chain finance “through the imports and exports of one of the most active trade corridors globally,” according to Sergio Almaguer, CEO of Yaydoo, who also stated that B2B payments alliances between the United States and Mexico will result from the acquisition.
The world’s first dynamic discounting tool for seller AR teams, driven by Ethereum smart contracts, was released by PayStand last month, according to the company.
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