Paysend raises £8.5m for global roll-out
Fintech start-up, Paysend, has raised a total of £8.5 million with a series B fundraising round to support the company’s global expansion, reports Jane Connolly.
Paysend received £3.95 million from GVA Capital and £4.6 million from 926 investors on the Seedrs investment platform. Fintech investors Plug and Play and Digital Space Ventures drove the Seedrs round.
The start-up, which has over 900,000 users, says it was the initial creator of an international card-to-card transfer system and was the first fintech to connect 12 billion cards from international systems including Mastercard, Visa, China Union Pay and local cards.
“At Paysend we believe that transferring money should be as easy and immediate as sending an email, and finally the digital age is being able to facilitate this,” says Paysend CEO, Ronald Millar. “Our vision is to focus on a service offering around pay, hold and send money in order for customers to enjoy their hard-earned cash. This funding round has been the next step in our journey to create money for the future.”
The fundraising campaign also saw the launch of Paysend’s global digital currency, Pays XDR, which will be available via the Global Account and a Pays XDR wallet. The currency is backed by the fiat currencies USD, EUR, GBP, JPY and CNY.
Reserves are matched in the exact proportion of the International Monetary Fund’s special drawing rights (SDR) and will be independently audited and openly published.