PayStand Acquires Yaydoo to Extend Blockchain-enabled B2B payments network
The latest news says PayStand, a Blockchain-enabled platform for account receivables and B2B payments, today reported the acquisition of Yaydoo, a fintech company facilitating accounts payable, cash flow management, and liquidity solutions in Mexico and LATAM. This arrangement represents one of the most influential technology collaborations in Mexico and LATAM to further make commercial blockchain-based solutions more accessible across the Americas.
PayStand is a decentralized finance (Defi) company that utilizes blockchain and cloud technology to strengthen the PayStand Bank Network - a digital B2B payments network with zero charges.
According to the firm, the acquisition of Yaydoo, an accounts payable and cash flow management fintech, will help spread commercial blockchain-based trade solutions to a wider customer base across the Americas.
By having each updated accounts receivable/accounts payable B2B Defi payment networks across both the US and Mexico, the collaboration with Yaydoo demonstrates that PayStand can now bring the two platforms into a single, open, faster, and safe global payment network.
Thanks to the acquisition, the company is all set to extend its network across the regions from Canada to Colombia.
PayStand CEO Jeremy Almond stated, “Defi enabled B2B payments networks that we are providing can help transform the working capital efficiencies and deliver more fair and open financial services especially in developing markets such as LatAm. ”
Almond adds, “These technologies can move the overall influence from traditional financial institutions and governments to buyers, and sellers, helping businesses and society.”
Yaydoo CEO Sergio Almaguer, who will be handling the Latin American development of the combined company, says the new collaboration will digitize trade between the US and Mexico.”
He further added, “It will help discover a plethora of opportunities for automating supply chain finance through the imports and exports of one of the most effective trade corridors globally.”