SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--Paystand, the fastest growing commercial payments platform, today announced it has appointed four globally recognized Fintech Pioneers from Fiserv, PayPal, and Visa to its Fintech Advisory Council. The new council comes on the heels of a record-breaking year for Paystand, with revenue growing more than 2.5x year-over-year, an 8x increase since raising its Series A funding round. The company also increased average monthly subscriptions by over 240% and surpassed 100,000 businesses paying through the Paystand Bank Network.
“Our growth this year cemented Paystand as the leader in B2B payments,” said Jeremy Almond, CEO of Paystand “Every day, more businesses are making the shift to a more open, inclusive commercial payments infrastructure and are rejecting the outdated, fee-based model that no longer makes sense. We made a promise to reboot the broken financial system. The caliber of customers and investors we’re attracting is a clear sign that commercial finance is finally ready for disruption and Paystand is delivering.”
The advisory council will partner closely with Paystand to scale its pace of product innovation and capitalize on the massive demand for its solutions. As the company accelerates its efforts to reboot the broken commercial finance system, the new Advisory Council will help build key partnerships, advise on market opportunities, and provide strategic direction for the company’s long-term growth. Members of Paystand’s Fintech Advisory Council include:
- Pete Kight, the Father of Fintech who founded CheckFree in 1981 (sold to Fiserv for $4.4B) with a vision of providing electronic funds transfer services to businesses and consumers. Pete started this fintech unicorn 12 years before the term fintech was coined in 1993.
- Scott Thompson, the former PayPal President and Yahoo CEO, is a renowned technologist best known for growing PayPal’s user base from 50 million to 104 million active users in 190 countries. Thompson also served as an executive vice president of technology solutions at Visa's Inovant subsidiary and worked as chief information officer of Barclays Global Investors.
- Mark Orttung, former President of Bill.com and CEO of Nexient, is ranked as one of the Top 50 Tech Services CEOs of 2019. As President and COO of Bill.com, Mark more than tripled revenue in two years. His previous startups Genesys and GetThere went public and were later acquired for a combined $2.25 billion.
- Sameer Govil, the former SVP of Global Commerce Products at VISA and Board Member for the Electronic Transactions Association, brings over 30 years of fintech experience and is widely known for helping broaden Visa’s role in the payment ecology and accelerating growth of electronic payments globally.
Fueling Another Year of Record Growth
- Business Growth: Paystand accelerated customer acquisition with 60 new large enterprise customers, fueling 2.5x YoY revenue growth and an average monthly subscription growth of over 240% in 24 months.
- Network: Over 100,000 businesses are paying through the Paystand Network, which includes two of the largest airlines, all five branches of the US military, eight of the top 10 pharmaceutical companies, and market leaders across hospitality, insurance, and food and beverage.
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Talent: Paystand also added over 20 strategic hires to further fuel this growth and help CEO Jeremy Almond realize his vision for commercial finance. This new guard of executives from Silicon Valley unicorns includes:
- Mark Hassin, SVP of Sales (former Tipalti Chief Revenue Officer who helped grow revenue by more than 10x, and former VP of Strategic Accounts at BlueSnap)
- Mark Fisher, VP of Marketing (former Head of Marketing at fintech unicorn Addepar who helped the company 2.5x its revenue growth in under 2 years, and former Sr. Director of Worldwide Demand Generation at HCI unicorn Nutanix)
- Leela Suppiah, Head of Customer Success (built a reputation for leading teams at Google, eBay, ServiceRocket, LiveImpact, and Stockpile to increase repeat business by up to 22%)
Stakeholder Quotes
“Speaking out against the finance industry is an easy way to get attention these days. Confronting the complexities and inefficiencies of commercial finance and payment infrastructure, and actually building solutions to address those challenges, is a lot tougher—which is why most people talk about it instead of creating solutions. Paystand is doing just that by building a network for how companies will move capital for the next 30 years. I’m excited to help them achieve that mission.”
— Pete Kight, Founder of CheckFree
"Paystand has the same DNA that helped PayPal disrupt the consumer payments industry. By every metric, Paystand is powering that evolution across commercial payments, reimagining everything from the economic model to the very infrastructure that moves capital between businesses. This is a massive transformation occurring in a multi-trillion dollar industry, and I’m thrilled to help Paystand accelerate their vision.”
— Scott Thompson, Former President of PayPal
“There’s much to be done to make payments as easy and fast for enterprises as Venmo is for consumers today. Paystand is paving that path. Jeremy Almond has a vision of where the industry is heading 10, 20, 30 years down the line. I’m looking forward to helping the team stay at the forefront as they innovate and realize their vision for a modern commercial finance industry.”
— Mark Orttung, former President of Bill.com and CEO of Nexient
“There is a huge secular demand for faster, seamless commercial payment solutions. Paystand is perfectly positioned to disrupt legacy systems and build a holistic commercial finance platform. Paystand’s current growth trajectory is a validation of the broader market opportunity and its customer centric digital solutions approach.”
— Sameer Govil, SVP of Global Commerce Products at VISA
About Paystand
Paystand is the fastest growing commercial payment platform for midsize and enterprise companies. Through its Payments-as-a-Service model, Paystand helps businesses digitize and automate the entire cash cycle. Today, brands use Paystand to drive greater capital efficiency, streamline back-office operations, and enable best-in-class payment experiences. Paystand has been consistently recognized as a top innovator in enterprise financial services. For more information about Paystand, visit us at paystand.com. Follow our blog and connect with us on Twitter and LinkedIn.
