PaySend gains $125m in latest funding round
Card-to-card and international payments platform, PaySend, has closed a Series B funding round of $125m, led by One Peak.
Set up in 2017, the UK-based fintech claims to have been the first to introduce global card-to-card transfers.
It currently supports connections between 12 billion cards across Mastercard, Visa, China UnionPay and local card schemes. It has a network of partners and recently added Alipay to expand its reach in China.
The latest funding will help PaySend expand its international footprint and speed up product innovation.
Alongside One Peak were Infravia Growth Capital, Hermes GPE Innovation Fund and existing investors including Silicon Valley-based Plug and Play.
PaySend CEO, Ronnie Millar, says: “This $125m B round investment will allow us to take our platform to the next stage, innovating and expanding geographically to target the $133tn opportunity in cross-border payment flows.”
He highlights “significant barriers to entry for consumers and SMEs to pay and send money globally”.
According to PaySend, 70% of international payments are currently still cash-to-cash. It adds consumers and SMEs incur high fees and time spent by both the sender and recipient to complete each transfer.
The PaySend platform is intended to provide 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.