Paystand’s Zero-Fee B2B Payments Model Propels it to No. 306 on Deloitte Technology Fast 500 List of Fastest Growing U.S. Companies
As Bitcoin surges and blockchain ecosystem expands, Paystand’s blockchain-enabled solution hits list for second year with 380% growth, transforming payor behavior and time-to-cash
SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--In the face of record-setting prices for Bitcoin and the robustness of the blockchain ecosystem, Paystand, the fintech leader in blockchain-enabled B2B payments, was recognized today on the Deloitte Technology Fast 500™. The fintech payments company, founded in 2013, today announced it ranked number 306 with 380% growth from 2020 to 2023. CFOs use Paystand’s technology to incentivize their payers to change payment behavior, boosting their bottom line.
“This year’s winning companies have demonstrated a continuous commitment to growth and remarkable consistency in driving forward progress. We extend our congratulations to all of this year’s winners — it’s an incredible time for innovation.”
The Deloitte annual listing is a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America, now in its 30th year.
Paystand utilizes a combination of proprietary products, user interfaces, and economic incentive models to increase SMB profitability.
“The surge in Bitcoin’s valuation underscores the growing importance of blockchain technology in transforming the financial landscape,” said Jeremy Almond, founder and CEO of Paystand. “At Paystand, we’ve harnessed the power of blockchain to reimagine B2B payments, offering businesses a zero-fee, digital-first alternative that aligns with the efficiency and decentralization principles of Bitcoin.”
“Our goal has always been to eliminate unnecessary fees and barriers, empowering companies to achieve greater profitability and financial agility. Being recognized on the Deloitte Technology Fast 500 for the second year is a testament to the power of our vision and the incredible growth we’ve achieved by delivering real value to businesses.”
Over the past year, Paystand achieved a number of milestones as it delivered new products to help finance teams better manage, control and access their cash. These include:
- Boosting Paystand network with over $11 billion in transactions and more than 1 million companies on our first-of-its-kind blockchain-enabled B2B payment network, following the acquisition of Teampay, which added spend management to complement its AR automation
- A rollout of the full platform benefits to Canadian users, including the EFT payment rail
- Deep ERP integrations with Acumatica and Microsoft Dynamics Business Central
- New Smart Check product gives businesses who prefer to write paper checks the option to take a digital photo of their paper check and upload that, keeping all money digital and safe
- Smart Match, Paystand’s novel AI that automatically detects and reconciles externally made direct deposits straight into the ERP
- Newly-launched Paystand.org promotes financial inclusion via blockchain and Bitcoin, fostering equitable finance and circular economies in underserved communities. The organization has partnered with 10 organizations in six countries, and impacted an estimated 40,000 individuals through Bitcoin-focused education and programs.
“For 30 years we’ve been celebrating companies that are actively driving innovation. The software industry continues to be a beacon of growth, and the fintech industry made a strong showing on this year’s list, surpassing life sciences for the first time,” said Steve Fineberg, vice chair, U.S. technology sector leader, Deloitte. “Significantly, we also saw a breakthrough in performance of private companies, with the highest number of private companies named to the list in our program’s history. This year’s winners have shown they have the vision and expertise to continue to perform at a high level, and that deserves to be celebrated.”
“Innovation, transformation and disruption of the status quo are at the forefront for this year’s Technology Fast 500 list, and there’s no better way to celebrate 30 years of program history,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s Audit & Assurance practice. “This year’s winning companies have demonstrated a continuous commitment to growth and remarkable consistency in driving forward progress. We extend our congratulations to all of this year’s winners — it’s an incredible time for innovation.”
About the 2024 Deloitte Technology Fast 500
Now in its 30th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2020 to 2023.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must 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 within North America.
About Paystand
Paystand is on a mission to create an open commercial finance system, starting with a zero-fee network for B2B payments. Paystand is the largest B2B receivables, payables and payments network running on a commercial blockchain. The company makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue. The AR/AP solutions are designed for U.S., LATAM and Canadian businesses of all sizes. For more information about Paystand, visit us at paystand.com. Follow our blog, and connect with us on X and LinkedIn.
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 460,000 people worldwide connect for impact at www.deloitte.com.
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