In a round led by One Peak, and featuring participation from Infravia Growth Capital, Hermès GPE, Plug and Play, and others, U.K.-based mobile payments platform Paysend has secured $125 million in Series B funding. The round takes the company’s total capital to more than $700 million according to estimates from TechCrunch, and puts the firm in a position to expand geographically, add talent, and develop new products.
“Paysend’s vision is to develop the next generation integrated global payment ecosystem for consumers and SMEs,” Paysend CEO Ronnie Millar said. “Our innovative technology is connecting 12 billion cards worldwide to pay and send instantly anywhere, anyhow and (in) any currency – we call this Money for the Future. This saves time, saves money and connects millions of people and businesses around the world.”
Paysend offers international, cross-border money transfers, and card processing, as well as banking and e-commerce services for SMEs. With 90% of its transfers arriving in 15 seconds or less, Paysend leverages its own global network of banks, international and local payment systems – as well as partnerships with the major card networks – to reduce the “significant barriers to entry” for consumers and businesses sending money internationally. “Our platform aims to democratize the service by providing a one-stop-shop to pay and send money to families, suppliers, employees and partners in any currency anywhere in the world at a significantly reduced cost,” Millar said.
A Finovate alum since 2016, Paysend now serves more than 3.7 million consumers; 17,000 small and medium-sized businesses; and 110 receiving countries with its end-to-end, vertically-integrated technology. This month, the company announced that its U.S. customers would now be able to send money to Canada. Paysend also announced the opening of a new regional headquarters in Singapore.
In May, Paysend announced a partnership with open finance innovator Plaid to accelerate the bank authentication and money transfer process for international customers. Earlier this year, the company announced that it had entered into a strategic partnership with Mastercard that would help expand the company’s reach in both the U.K. and EEA.
Photo by Guduru Ajay Bhargav from Pexels