Exclusive: Paystand acquires Yaydoo in B2B payments mashup
Paystand, a blockchain-enabled B2B payments firm based in the U.S., has acquired LatAm-focused accounts payable startup Yaydoo, the companies tell Axios exclusively.
Why it matters: Paystand's move illustrates the growing appetite for fintech startups to expand overseas.
By the numbers: Paystand and Yaydoo serve a combined 500,000 customers. The companies have processed more than $5 billion in payment volumes.
- Paystand most recently raised $50 million in a Series C round last July, bringing its total funding to $85 million. Subsequently, Yaydoo raised a $20 million Series A round last August.
Between the lines: Paystand mostly operates in the U.S. and Canada and is principally focused on collecting revenue and helping businesses get paid faster and more efficiently.
- Mexico City-based Yaydoo is focused on Spanish-speaking Latin America — including Colombia, Peru, and Chile — and its specialty is in managing order procurement and accounts payable systems.
- The businesses are "two sides of the same coin," Paystand CEO Jeremy Almond tells Ryan.
What's next: The companies will continue to operate independently, but they see a massive opportunity to cross-sell each product into different markets and accounting functions.