Blockchain B2B payments solution provider PayStand is expanding into Mexico, the company revealed in a press release on Thursday (Oct. 17).
With the launch of a new office in Guadalajara, PayStand is making its debut in Mexico as it expands its business payment solution and targets B2B payments friction across North America, where $18 trillion in B2B transactions are conducted via paper check every year, the company said.
In its announcement, PayStand said its launch in Mexico is part of overall efforts to support the development of a global financial marketplace. The company also said it is focused on geographic expansion to better support the rising challenges of cross-border B2B payments.
In a statement, Omar Baqueiro, PayStand head of operations in Mexico, said Guadalajara's tech scene is "booming."
"For several years now, Guadalajara has grown its presence in the global technology ecosystem," he said. "The concentration of technology companies here make the city a source of experienced talent within Mexico. Moreover, Guadalajara has a high number of universities that offer advanced degrees, creating a deep reservoir of talented candidates."
One of the technology companies residing in Guadalajara is StartupGDL, which enables local businesses to tap into the area's engineering talent pool. PayStand said it is partnering with StartupGDL to help the company hire the talent it needs to fuel expansion.
Earlier this year, PayStand announced its participation in Silicon Valley Bank and First Data's Commerce. Innovated accelerator program to develop a blockchain-powered B2B payments solution. At the time, CEO and Founder Jeremy Almond said joining the program brought the company "one step closer to realizing our vision for a more seamless, open commercial banking system."
“As an innovator and disruptor in the commercial payments space, teaming up with Silicon Valley Bank and First Data empowers us with access to their respective networks so we can explore additional growth opportunities," he continued. "The ability to strategize and collaborate with these industry visionaries takes our platform to another level of credibility and visibility.”