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U.S. Paystand, Mexico's Yaydoo merge, to offer blockchain platform

·1 min read

MEXICO CITY, Aug 3 (Reuters) - Tech startups Paystand and Yaydoo announced on Wednesday a merger to make way for a blockchain platform focused on cash flow management and liquidity solutions to businesses in the United States and Latin America.

U.S.-based Paystand and Mexico's Yaydoo said in a statement that the deal forms a B2B fintech unicorn, which they said was a first. They did not disclose further details on the deal.

"It will allow blockchain-based business solutions to be more accessible across the Americas," the statement said.

Both firms offer a wide range of B2B solutions based on technology for the automation of transactions, payment processes and invoice collection.

The new company could be on track for an IPO within the next two years, the statement added. (Reporting by Kylie Madry; Writing by Valentine Hilaire; Editing by Cynthia Osterman)