Paystand Announces Scott Bennion as Company’s First-Ever Chief Financial Officer

Rhea-AI Summary

Paystand appoints Scott Bennion as its first Chief Financial Officer to enhance its financial leadership. Bennion, a SaaS and fintech veteran, previously led Sage Intacct and Recurly, and joins after Paystand's successful $50MM Series C financing. The company's payment volume has surpassed $2B with a workforce growth exceeding 100% in the past year. Paystand aims to revolutionize B2B payments using blockchain technology, offering zero transaction fees and expanding its impact on finance teams across 250,000 businesses.

Positive

• Appointment of Scott Bennion as CFO enhances financial leadership.
• Recent $50MM Series C financing indicates strong investor confidence.
• Payment volume has surged past $2B, reflecting growth and scalability.
• Employee growth exceeded 100% in the past year, showing company expansion.
• Over 250,000 businesses utilize Paystand's B2B payment network.

Negative

• None.

Industry Veteran and Fintech Founder Joins Executive Team to Further Establish the Startup’s Next Frontier of Financial Leadership

SCOTTS VALLEY, Calif.--(BUSINESS WIRE)-- Paystand – the leader in blockchain-enabled B2B payments – today announces Scott Bennion as the company’s first-ever Chief Financial Officer. As a SaaS and fintech veteran, Bennion has spent a distinguished career helping hyper-growth companies achieve scale, having previously led both Sage Intacct and Recurly through significant growth and acquisition. He now joins Paystand on the heels of the company’s recent $50MM Series C financing round as payment volume has surged past $2B and employee growth has exceeded 100% in the past year, with more than 250,000 businesses using the Paystand B2B payment network.

Paystand’s mission is to reboot the commercial finance industry by building next-gen tools for finance teams. To date, the company has leveraged cloud and blockchain technology to create a first-of-its-kind B2B payment network that reduces transaction fees to 0%. The power of this network is delivered natively through Paystand’s platform and also through its seamless integrations for every major ERP system. As the founding CFO of Sage Intacct, Bennion’s deep industry expertise will further drive Paystand’s role in redefining commercial finance and delivering transformative solutions to finance teams. With decades of leadership experience across a series of disruptive fintechs, Bennion is uniquely qualified to bring forth the company’s vision for building a truly open and equitable financial system – starting with B2B payments.

“I am thrilled to be joining a mission-driven company that’s singularly focused on bringing finance teams into the future,” says Bennion. “Paystand has built a platform and product that delivers superior economics to finance teams everywhere. I’m excited to lead the finance organization here and also to contribute to a product that I wish I had access to since my earliest days as a CFO. Paystand is truly transformative for finance teams, and I am so excited to push the company forward.”

As blockchain technology and cryptocurrencies continue to reshape our financial landscape and open up new opportunities for the consumer sector, the B2B space is still vastly underserved and represents a tremendous opportunity to build more efficient financial technology.

“Bringing Scott on as our CFO is more than just adding another brilliant individual to our executive team – this move elevates Paystand’s financial leadership as we continue to pioneer the revolution in B2B DeFi,” says Jeremy Almond, CEO of Paystand. “Scott’s history with growing and scaling the kinds of companies that we partner with today will be invaluable to Paystand and to our ability to build products that uplevel both the life of the CFO and the role of the finance organization within companies.”

To learn more about how Paystand is changing the game for finance teams, read the company’s most recent whitepaper, “An Introduction to Payments-as-a-Service.”

About Paystand

Paystand is on a mission to create an open and equitable commercial finance system, starting with B2B payments. Using blockchain and cloud technology, the company has pioneered Payments-as-a-Service to automate the entire enterprise cash cycle. Paystand makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue. Today, over 250,000 businesses make better payments over the Paystand Bank Network, and the company has been consistently recognized as a top innovator in enterprise financial services. In August of 2021, Paystand was named to the Inc. 5000 List for the second year in a row. For more information about Paystand, visit us at paystand.com. Follow our blog, and connect with us on Twitter and LinkedIn.

About Jeremy Almond

Jeremy Almond is the co-founder and CEO of Paystand. As an engineer, surfer, hacker, sailor, investor, blockchain advocate, and world traveler, Jeremy's background has informed both his unique perspective as a leader and his drive to upend the commercial finance industry. Jeremy has spent the last 15 years in tech as a serial entrepreneur and startup advisor, and is currently paving the way for the decentralization of finance by reimagining B2B transactions. He started his career in technology as an engineer at nanotech startup Digital Instruments which was acquired by Veeco (NASDAQ: VECO). In this M&A-focused, public corporation, Jeremy led global ERP implementation and got his first glimpse into the challenges that plague enterprise payment systems. Jeremy holds a BS in computer engineering from the University of California, Santa Barbara and received an MBA from the University of Massachusetts. Today, with Paystand, he is leading the B2B DeFi movement and is rebooting the commercial finance industry.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210930005349/en/

Izzy Howell

ihowell@paystand.com

Source: Paystand

FAQ

Who is the new CFO of Paystand?

Scott Bennion has been appointed as the Chief Financial Officer of Paystand.

What recent funding round did Paystand complete?

Paystand completed a $50MM Series C financing round.

How much payment volume has Paystand processed?

Paystand's payment volume has surpassed $2B.

How many businesses use Paystand's payment network?

More than 250,000 businesses are using Paystand's B2B payment network.

What technology does Paystand use for B2B payments?

Paystand uses blockchain technology to facilitate B2B payments with zero transaction fees.