Paystand, the blockchain-enabled payment network for business, has raked in $50m in a Series C financing round to support the development of its open commercial finance system.

Led by NewView Capital, the latest funding round was joined by SoftBank’s Opportunity Fund, King River Capital, Industrious Ventures, and Transform Capital.

Paystand focuses on challenging the traditional payment model by automating the entire cash lifecycle to facilitate cashless, feeless, intuitive payments for businesses.

Utilising cloud technology and the Ethereum blockchain, it powers Paystand Bank Network, its digital B2B payment network with no fees.

Instead of traditional percentage fee on each transaction, the firm offers a Payments-as-a-Service subscription model.

The firm plans to use the fresh capital to invest in redefining B2B payments to drive the shift to a more business-centric payment infrastructure.

Paystand co-founder and CEO Jeremy Almond said: “With this new funding, Paystand is uniquely positioned to bring the benefits of blockchain to commercial payments so businesses can be more agile and competitive in the post-pandemic landscape.

“Our vision is to create an open financial infrastructure that delivers a self-driving money experience for businesses and provides radically better economics for the industry overall.”

Leveraging DeFi and blockchain, Paystand eyes transformation of the entire $125trn-dollar B2B payment space.

Currently, more than 250,000 companies are said to tap Paystand blockchain-based network to facilitate payments.

NewView Capital’s Jazmin Medina said: “Paystand has been quietly rebooting commercial payments since 2013. In the same way that the EV industry re-thought the automobile to permanently move society away from fossil fuels, Paystand is creating an entirely new system for B2B payments – not simply laying a digital facade over broken plumbing,”

As part of the round, Medina will join the board of Paystand.

Last year, the firm secured $20m in Series B funding to expand its product and service portfolio.