B2B payments startup PayStand announced new funding last week, but the investment is notable for more than one reason.
Reports Friday (July 7) said PayStand was one of two startups that attracted financing from LEAP Global Partners’ first early stage venture capital fund, LEAP Partners I. The fund was launched to back Latin American entrepreneurs and, according to the fund, is the first in the U.S. operating as a cross-border investor with such a focus.
”We are excited to launch a first-of-its-kind, cross-border venture capital fund seeking to invest in one of the largest untapped entrepreneur opportunities: the Latino entrepreneur,” said LEAP Partners I Managing General Partner Roman Leal in a statement. “Only one percent of all venture capital-based companies is Latino-owned. Our hope is that our investment fund, strategic LP network and co-investment partners, will serve as a catalyst for the next wave of global innovation by identifying, connecting and investing in the most talented entrepreneurs across the Americas.”
When announcing the launch of the fund, LEAP also said it has already placed its first investments.
One is in Listo, a B2C company providing financial services to underserved Latinos in the U.S. The second is PayStand, also based in California, which provides blockchain and Software-as-a-Service solutions to digitize and automate the accounts receivables and cash management process for companies.
“One of the most compelling parts of working with the LEAP team is their focus on partnering with startups to help them grow beyond just a U.S.-centric business,” said PayStand CEO Jeremy Almond in a statement. “The partners at LEAP have the operating experience and the connections to help startups lead to the next wave of digital transformation across the Americas.”
LEAP did not reveal how much it invested in the companies.