Portfolio company Paystand launches Paystand.org!
I’m going to start this blog post with a few stats about Latin America:
70% of Latin Americans are unbanked or underbanked
Latin America faces inflationary challenges, with rates often exceeding global averages
Latin America relies heavily on remittances from individuals working abroad, totaling approximately $96 billion annually
These unique challenges to this area of the world fueled Paystand’s founder, Jeremy Almond, to leverage his expertise in blockchain technology to address these challenges head-on.
As a quick reminder, Paystand.com is revolutionizing B2B payments by leveraging blockchain technology to offer faster transfers, reduced fees, and real-time tracking, resulting in improved cash flow management. 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 recently launched Paystand.org, Paystand’s impact arm, aims to further financial inclusion through the use of blockchain technology. Blockchain-based systems can enable more efficient and transparent credit assessments, fostering greater access to credit, especially for small businesses and individuals in need of microfinance. They are beginning their impact journey through strategic partnerships with Mi Primer Bitcoin, Hope House and Digital NEST’s bizzNEST initiative, to name a few - with the goal of building community financial services that can create sustainable and regenerative economic practices.
For example: The Digital Nest (HQ in the Bay Area) is creating tech training centers for Latinx youth from immigrant and farm-working communities and has provided professional technology training and career development to more than 3,100 young individuals.
Mi Primer Bitcoin, located in El Salvador, created a curriculum for more than 800 classes and 22,000 people, enabling them to use and understand the blockchain technology-based financial system.
It is still early stages for Paystand’s impact arm, but it’s a wonderful case study for us at Rise Together and a testament to how for-profits have a unique place in the charitable space: a) the .org’s mission is core to the business and leverages Paystand’s unique expertise in blockchain technology and b) its goals are long-term in nature, meaning they plan to grow both Paystand.com and Paystand.org simultaneously and in perpetuity. We are proud of how thoughtful and intentional the team has been about this, and look forward to see what is next!