Paystand Startup Diligence Report
Proceed only with confirmatory diligence. Public evidence supports Paystand's unicorn status and active product/market positioning, but underwriting depends on private financial quality, customer concentration, retention, security/compliance, IP/legal and cap-table materials.
Paystand Startup Diligence Report
Eligible for this public-source diligence run: Paystand appears active and private based on CB Insights unicorn-list/profile evidence and active company-owned web evidence, with no retained source showing IPO, acquisition of the target, or shutdown.
Paystand operates payment workflows, cross-border/global payouts and on-chain/stablecoin-related products; licensing, OFAC, KYC/AML, money-transmission and partner-bank controls require legal diligence.
Diligence request: Provide audited financials, monthly KPI pack, cash/debt, cap table, financing documents and valuation support.
The $1B unicorn-list valuation and Series D/alive profile are public, but audited financials, take rate, payment volume revenue conversion, cash, debt and valuation support are private.
Diligence request: Provide audited financials, monthly KPI pack, cash/debt, cap table, financing documents and valuation support.
Payment workflows and ERP integrations process sensitive financial data; SOC reports, pen tests, incident logs and DPA/subprocessor schedules are not public.
Diligence request: Provide audited financials, monthly KPI pack, cash/debt, cap table, financing documents and valuation support.
CB Insights lists multiple adjacent competitors and payments/AR automation pricing is likely contested.
Diligence request: Provide audited financials, monthly KPI pack, cash/debt, cap table, financing documents and valuation support.
The public suite spans AR, AP, expenses, global payouts and linked brands, increasing product, compliance, data and team-integration risk.
Diligence request: Provide audited financials, monthly KPI pack, cash/debt, cap table, financing documents and valuation support.
Public customer logos and ROI outcomes do not disclose ARR concentration, retention, methodology, cohort sizes or renewal status.
Diligence request: Provide audited financials, monthly KPI pack, cash/debt, cap table, financing documents and valuation support.
Financial Information chapter combines public evidence with explicit private diligence gaps for Paystand.
not publicly verifiable confidence: low
Public research provides a standard diligence screen for annual and quarterly financial information for the past three years at Paystand. Public sources establish private-unicorn and financing context, but audited statements, revenue, margins, cash, debt and working-capital records are not public.
| date | event | amount or valuation | source | verification status |
|---|---|---|---|---|
| 2022-08-02 | CB Insights unicorn-list valuation event | $1B | CB Insights unicorn tracker | verified |
| latest public profile | Series D | Alive | total raised $80M | CB Insights company profile | verified |
| data-room request | Full round-by-round financing history | not public | Company/investor records | not_publicly_verifiable |
| metric | public value | source | financial quality note | verification status |
|---|---|---|---|---|
| Payment volume | 20000000000 USD | Company homepage FAQ claims $20B+ payment volume | Requires reconciliation to billing, revenue and cohort source systems | partially_verified |
| Enterprise customers | 1000 customers | Company homepage FAQ claims 1,000+ enterprise customers | Requires reconciliation to billing, revenue and cohort source systems | partially_verified |
| Businesses on network | 1000000 businesses | Company homepage FAQ claims 1M+ businesses on the network | Requires reconciliation to billing, revenue and cohort source systems | partially_verified |
| ARR / revenue / gross margin | Not public | Company data room | Request audited revenue, ARR bridge, margin by product and revenue recognition policy | not_publicly_verifiable |
not publicly verifiable confidence: low
Public research provides a standard diligence screen for financial projections at Paystand. Public traction or operating metrics are self-reported/list-based and are not a substitute for board-approved forecasts.
not publicly verifiable confidence: low
Public research provides a standard diligence screen for capital structure at Paystand. Public sources do not disclose capitalization, option pools, preferences, debt instruments or beneficial ownership.
| stakeholder or item | public signal | diligence caveat | verification status |
|---|---|---|---|
| Named unicorn-list investors | BlueRun Ventures, LEAP Global Partners, Cervin Ventures | Investor names do not disclose ownership, preferences or control rights | partially_verified |
| Option pool and warrants | Not disclosed | Request option ledger, warrants, SAFEs/notes and vesting schedules | not_publicly_verifiable |
| Debt or bank lines | Not disclosed in retained sources | Request debt, covenants, liens, off-balance-sheet liabilities | not_publicly_verifiable |
inconclusive confidence: medium
Public research provides a standard diligence screen for other financial information at Paystand. Public round/list data supports a financing-history starting point; tax, accounting policy and detailed securities terms require company records.
| record | public availability | why it matters | priority |
|---|---|---|---|
| Revenue recognition memo | not_publicly_verifiable | Determines quality of ARR/revenue metrics | high |
| Tax positions and NOLs | not_publicly_verifiable | Affects valuation and transaction structuring | medium |
| Investor rights / liquidation preferences | not_publicly_verifiable | Determines economic ownership and downside rights | high |
Products chapter combines public evidence with explicit private diligence gaps for Paystand.
not publicly verifiable confidence: low
Public research provides a standard diligence screen for description of each product at Paystand. Company-owned sources describe the product suite, while pricing, margins, performance, security architecture and roadmap economics require confirmatory diligence.
| product | audience | public features | verification status |
|---|---|---|---|
| Receivables and payments | Office of the CFO / AR teams | Automatic reconciliation, collections automation, payment portal, AR network portal, virtual terminal and recurring payments | verified |
| Paystand Bank Network / B2B payments | B2B finance teams | Fee-less/low-cost payment rails, eCheck/ACH, smart lockbox, Canadian EFT and push payments | verified |
| Expenses and payables | AP and spend teams | Spend management, corporate cards, AP automation, international payments and spend approvals | verified |
| Global payouts / on-chain finance | Cross-border and treasury use cases | On-chain rails, global payouts and stablecoin-related public-news signals | partially_verified |
| offering | public pricing signal | private data request | verification status |
|---|---|---|---|
| Paystand Network subscription | Flat monthly subscription calibrated to volume/capability/integrations; company says $0 transaction fees on network | Request pricing schedules, interchange/ACH economics and take-rate by rail | partially_verified |
| Implementation | Company FAQ says most mid-market customers live in 30-60 days | Request services margin and implementation success cohorts | partially_verified |
| Global payouts/stablecoin | Not public | Request custody, banking, compliance and spread economics | not_publicly_verifiable |
Customer Information chapter combines public evidence with explicit private diligence gaps for Paystand.
not publicly verifiable confidence: low
Public research provides a standard diligence screen for top customers by application at Paystand. Public customer/logo evidence exists, but top-15 customer revenue, contract terms and use-case depth are not public.
| customer | use case or signal | public evidence | verification status |
|---|---|---|---|
| Covetrus | AR automation outcome | Homepage claims DSO down 80% and fees down 98%; methodology private | partially_verified |
| Copper | Expense automation outcome | Homepage claims 78% faster close and $13K out-of-policy prevented; methodology private | partially_verified |
| Gong | Customer logo | Homepage displays Gong logo among B2B customers; contract value not public | partially_verified |
| Attentive | Customer logo | Homepage displays Attentive logo; contract value not public | partially_verified |
| Cotopaxi / Bugaboo / Motorola / Thumbtack | Customer logos | Homepage displays logos; contract values and renewal status not public | partially_verified |
not publicly verifiable confidence: low
Public research provides a standard diligence screen for strategic relationships at Paystand. Public partner/integration evidence exists; revenue contribution and exclusivity terms are private.
| partner | relationship type | public evidence | verification status |
|---|---|---|---|
| NetSuite | ERP integration | Company pages list certified/native NetSuite integrations | verified |
| Sage Intacct / Sage 300 / Sage 100 / Sage X3 | ERP integration | Company pages list Sage integrations | verified |
| Microsoft Dynamics 365 | ERP integration | Company pages list Dynamics integration | verified |
| Acumatica | ERP integration | Company pages list Acumatica integration | verified |
| Bitwage / Yaydoo / Teampay links | Suite/affiliate ecosystem | Company about/home pages link global payouts, LATAM AR/AP and expenses brands | partially_verified |
not publicly verifiable confidence: low
Public research provides a standard diligence screen for revenue by customer at Paystand. No public revenue-by-customer or concentration schedule was found in retained sources.
not publicly verifiable confidence: low
Public research provides a standard diligence screen for significant relationships severed within the last two years at Paystand. No severed relationship schedule was public in retained sources.
not publicly verifiable confidence: low
Public research provides a standard diligence screen for top suppliers at Paystand. Infrastructure, ERP, cloud, payment-rail or talent-network dependencies can be inferred, but spend concentration and supplier agreements are private.
| supplier or dependency | role | public evidence | verification status |
|---|---|---|---|
| Bank/payment rails | Core settlement dependency | Company product references Paystand Bank Network, ACH/eCheck, Canadian EFT and on-chain rails | partially_verified |
| ERP platforms | Distribution and integration dependency | NetSuite/Sage/Dynamics/Acumatica integrations are central to workflow value | verified |
| Blockchain/stablecoin infrastructure | On-chain finance dependency | CB Insights latest-news and homepage claims point to stablecoin/on-chain rails; compliance artifacts private | partially_verified |
Competition chapter combines public evidence with explicit private diligence gaps for Paystand.
partially verified confidence: medium
Public research provides a standard diligence screen for competitive landscape by market segment at Paystand. Public competitor lists and product overlap provide a directional market map; win/loss, pricing pressure and switching costs need primary diligence.
| competitor | segment | source | overlap or risk |
|---|---|---|---|
| CoreChain | B2B payments | CB Insights competitor list | Supplier/AP payment overlap |
| GoCardless | Account-to-account payments | CB Insights competitor list | Bank debit/recurring payment overlap |
| Melio | SMB payments/AP | CB Insights competitor list | Payables/payment workflow overlap |
| Chargezoom | AR/payments automation | CB Insights competitor list | AR automation overlap |
| Balance | B2B payments/checkout | CB Insights competitor list | B2B payment rails overlap |
| Billtrust | AR automation | CB Insights comparison section | Enterprise AR/payment automation overlap |
| axis | target position | competitor pressure | evidence or gap |
|---|---|---|---|
| Product breadth | Public product suite is broad | Large platforms and focused specialists can compete | Verify attach rates and product-level retention |
| Pricing / unit economics | Not public | Competitors may compress take rate or services margin | Request pricing and win/loss data |
| Trust/compliance | Public policies/signals only | Enterprise buyers require audits and references | Request SOC, security and legal materials |
Marketing, Sales, and Distribution chapter combines public evidence with explicit private diligence gaps for Paystand.
partially verified confidence: medium
Public research provides a standard diligence screen for strategy and implementation at Paystand. Public pages show GTM motions and positioning; channel productivity and budget sufficiency are private.
| channel | region or buyer | public evidence | verification status |
|---|---|---|---|
| ERP marketplaces/integrations | Mid-market and enterprise CFO teams | Company foregrounds NetSuite, Sage, Dynamics and Acumatica integrations | verified |
| Partner/ecosystem motion | Payments, ERP, AP/AR and global payout partners | Company pages invite partners and expose brand ecosystem | partially_verified |
| Content and reviews | Finance buyers | Company links G2 reviews, Capterra shortlist, webinars, guides and case studies | partially_verified |
| Direct sales/demo | Office of CFO | Homepage CTAs and pricing/demo materials indicate direct sales | partially_verified |
| signal | public evidence | diligence gap | verification status |
|---|---|---|---|
| Owned website and CTAs | Product pages and get-started/demo CTAs | Traffic, conversion and CAC not public | partially_verified |
| Case studies / testimonials | Public case-study or testimonial sections exist | Referenceability, revenue and retention not public | partially_verified |
| Review/news/database presence | CB Insights and public owned pages provide market visibility | Pipeline attribution and brand efficiency not public | partially_verified |
partially verified confidence: medium
Public research provides a standard diligence screen for major customers at Paystand. Major customer proof points are public but pipeline, expansion, churn and referenceability need customer diligence.
partially verified confidence: medium
Public research provides a standard diligence screen for principal avenues for generating new business at Paystand. Public CTAs, resources and partner/integration signals show demand-generation avenues, but CAC and payback are not public.
not publicly verifiable confidence: low
Public research provides a standard diligence screen for sales force productivity model at Paystand. Sales compensation, quotas, productivity and hiring model are not public.
not publicly verifiable confidence: low
Public research provides a standard diligence screen for ability to implement marketing plan with current and projected budgets at Paystand. Marketing budgets and forecast execution capacity are not public.
Research and Development chapter combines public evidence with explicit private diligence gaps for Paystand.
not publicly verifiable confidence: low
Public research provides a standard diligence screen for description of r&d organization at Paystand. Public product/R&D signals exist; engineering org, R&D spend and technical debt require data-room review.
| person or role | public role signal | source or gap | verification status |
|---|---|---|---|
| Jeremy Almond | Co-Founder and CEO | Company about page lists Jeremy Almond as Co-Founder and CEO | verified |
| Sergio Almaguer | Yaydoo founder / Paystand leadership biography | Company about page references Sergio and Yaydoo background | partially_verified |
| Mike | SVP Operations | Company about page says Mike leads operations and assesses network/customer risk | partially_verified |
not publicly verifiable confidence: low
Public research provides a standard diligence screen for new product pipeline at Paystand. Public roadmap/product signals exist, but cost, timing, release gates and technical risks need management confirmation.
| project or capability | status | public evidence | verification status |
|---|---|---|---|
| Agentic AI collections | Public product claim | Homepage says AI identifies payment risk, drafts emails and escalates customers with human supervision | partially_verified |
| Autonomous cash application | Public product claim | Homepage says cash app reconciles deposits and posts to ERP | partially_verified |
| USDb stablecoin | Latest-news item | CB Insights latest-news section references Paystand launching a Bitcoin-aligned stablecoin for B2B economy | partially_verified |
| ERP-native integrations/API | Public product infrastructure | Homepage lists certified native integrations and full API | verified |
Management and Personnel chapter combines public evidence with explicit private diligence gaps for Paystand.
not publicly verifiable confidence: low
Public research provides a standard diligence screen for organization chart at Paystand. Public org signals are incomplete and do not replace a company org chart.
| name or role | role | public evidence | verification status |
|---|---|---|---|
| Jeremy Almond | Co-Founder and CEO | Company about page lists Jeremy Almond as Co-Founder and CEO | verified |
| Sergio Almaguer | Yaydoo founder / Paystand leadership biography | Company about page references Sergio and Yaydoo background | partially_verified |
| Mike | SVP Operations | Company about page says Mike leads operations and assesses network/customer risk | partially_verified |
| Meridith Perry | Teampay General Manager | Company about page identifies Meridith Perry as Teampay General Manager | verified |
| Chris Jacobson | Vice President of Product | Company about page identifies Chris Jacobson as VP Product | verified |
not publicly verifiable confidence: low
Public research provides a standard diligence screen for historical and projected headcount by function and location at Paystand. Public network/geography or leadership evidence does not provide historical/projected employee headcount.
| function or region | public signal | source or request | verification status |
|---|---|---|---|
| Executive/leadership roles | Public roster includes CEO, operations, product and Teampay GM roles | Company about page | partially_verified |
| Employee headcount by function/location | Not public in retained sources | Request HRIS and contractor schedules | not_publicly_verifiable |
| Geographic operations | U.S. all states and Canada support are public; employee distribution not public | Company about page | partially_verified |
not publicly verifiable confidence: low
Public research provides a standard diligence screen for senior management biographies at Paystand. Public biographies or role evidence should be reconciled to employment history, retention and references.
not publicly verifiable confidence: low
Public research provides a standard diligence screen for compensation arrangements at Paystand. Compensation arrangements and employment agreements are not public.
not publicly verifiable confidence: low
Public research provides a standard diligence screen for incentive stock plans at Paystand. Incentive stock plans and option grants are not public.
not publicly verifiable confidence: low
Public research provides a standard diligence screen for significant employee relations problems, past or present at Paystand. Employee-relations issues, investigations or claims were not verified in retained public sources.
not publicly verifiable confidence: low
Public research provides a standard diligence screen for personnel turnover at Paystand. Turnover, regretted attrition and contractor churn are not public.
| item | public signal | request | verification status |
|---|---|---|---|
| Employee turnover | Not public | Request attrition data and post-acquisition integration retention | not_publicly_verifiable |
| Leadership integration | Teampay/Yaydoo/Bitwage ecosystem creates integration-retention questions | Request org chart and retention plans | not_publicly_verifiable |
| Customer success continuity | Not public | Request support metrics, implementation churn and CS coverage | not_publicly_verifiable |
Legal and Related Matters chapter combines public evidence with explicit private diligence gaps for Paystand.
not publicly verifiable confidence: low
Public research provides a standard diligence screen for pending lawsuits against the company at Paystand. No specific pending lawsuit against the company was verified in retained public sources; counsel docket searches remain required.
| matter type | public result | diligence request | verification status |
|---|---|---|---|
| Lawsuits against company | No specific docket verified in retained public sources | Run counsel/PACER/state docket searches in data room | unverified |
| Company-initiated lawsuits | No specific docket verified in retained public sources | Run counsel/PACER/state docket searches in data room | unverified |
not publicly verifiable confidence: low
Public research provides a standard diligence screen for pending lawsuits initiated by company at Paystand. No specific company-initiated lawsuit was verified in retained public sources; counsel docket searches remain required.
not publicly verifiable confidence: low
Public research provides a standard diligence screen for environmental and employee safety issues and liabilities at Paystand. Safety/environmental exposure appears mostly office/software/payment-data related from public sources, but policies and liabilities are private.
not publicly verifiable confidence: low
Public research provides a standard diligence screen for material patents, copyrights, licenses, and trademarks at Paystand. Public IP signals exist, but ownership, licenses, open-source usage and invention assignments require counsel review.
| asset | source or jurisdiction | public status | verification status |
|---|---|---|---|
| Dynamically determining payment prices associated with payment methods | USPTO-linked patent application via CB Insights | Application date 3/28/2014; status Application | partially_verified |
| Portfolio count | CB Insights profile | CB Insights states Paystand has filed 1 patent | partially_verified |
| Paystand Network and product brands | Company-owned brand/product assets | Trademark ownership and open-source licenses require company IP schedule | not_publicly_verifiable |
not publicly verifiable confidence: low
Public research provides a standard diligence screen for insurance coverage and material exposures at Paystand. Insurance coverage and exclusions are not public.
not publicly verifiable confidence: low
Public research provides a standard diligence screen for material contracts at Paystand. Material contracts, DPAs, MSAs, vendor agreements and financing documents are not public.
partially verified confidence: medium
Public research provides a standard diligence screen for regulatory agency problems at Paystand. Public policy/regulatory product signals require verification through counsel, audit reports and compliance artifacts.
| area | public signal | required private artifact | verification status |
|---|---|---|---|
| Lawsuits against company | No specific docket verified in retained public sources | Run counsel/PACER/state docket searches in data room | unverified |
| Company-initiated lawsuits | No specific docket verified in retained public sources | Run counsel/PACER/state docket searches in data room | unverified |
| Terms/privacy/cookie policy | Company site links privacy, terms and cookie policy | Regulated payments, stablecoin/on-chain and data-processing artifacts require counsel review | partially_verified |
| Regulatory / OFAC screening | Product claim references OFAC screening for payouts | Request policies, licenses, partner banks/MSB analysis and audit logs | partially_verified |
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | CB Insights listed Paystand on its unicorn tracker at a $1B valuation, joined 8/2/2022, United States/Scotts Valley, Financial Services. | verified high | SRC-001 |
| EC-002 | CB Insights profile describes Paystand as founded in 2013, Series D | Alive, total raised $80M, headquartered in Scotts Valley, California, and operating in B2B payments on blockchain technology. | verified high | SRC-002 |
| EC-003 | Paystand homepage positions the company as a SaaS-on-blockchain B2B payments infrastructure provider for AR, payments, expenses, payables and global payouts. | verified high | SRC-003 |
| EC-004 | Paystand homepage lists customer logos and outcomes including Covetrus, Copper, Gong, Attentive, Cotopaxi, Bugaboo, Motorola and Thumbtack. | partially verified medium | SRC-003 |
| EC-005 | Paystand homepage claims $20B+ payment volume, 1,000+ enterprise customers, 1M+ businesses on network and 30-60 day mid-market go-lives. | partially verified medium | SRC-003 |
| EC-006 | Paystand about page says its mission is to reboot commercial finance, create an open financial system, operate in the U.S. and Canada, and link AR/payments, expenses, global payouts and LATAM AR/AP brands. | verified high | SRC-004 |
| EC-007 | Paystand about page lists a public leadership team including Jeremy Almond as Co-Founder and CEO, Meridith Perry as Teampay General Manager and Chris Jacobson as Vice President of Product. | verified medium | SRC-004 |
| EC-008 | CB Insights states Paystand has filed one patent and lists a payment-pricing patent application. | partially verified medium | SRC-002 |
| EC-009 | CB Insights lists Paystand competitors including CoreChain, GoCardless, Melio, Chargezoom and Balance, and compares Paystand to Billtrust. | verified medium | SRC-002 |
| EC-010 | Paystand site links privacy policy, terms of service and cookie policy, and homepage describes OFAC screening for global payouts. | partially verified medium | SRC-003 |
| EC-011 | CB Insights latest-news section references Paystand launching USDb, a Bitcoin-aligned stablecoin for B2B payments, and related 2026 articles. | partially verified medium | SRC-002 |
| EC-012 | Some Paystand press/platform URL fetches returned 404/cookie content in this environment. | inconclusive high | SRC-005SRC-006 |
| ID | Publisher | Title | Accessed |
|---|---|---|---|
| SRC-001 | CB Insights | CB Insights complete unicorn list row for Paystand | 2026-06-14 |
| SRC-002 | CB Insights | Paystand CB Insights profile | 2026-06-14 |
| SRC-003 | Paystand | Paystand homepage | 2026-06-14 |
| SRC-004 | Paystand | Paystand about page | 2026-06-14 |
| SRC-005 | Paystand | Paystand platform URL fetch | 2026-06-14 |
| SRC-006 | Paystand | Paystand press URL fetches | 2026-06-14 |
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.