Scottish fintech Paysend hits one million customers

Paysend has reached one million customers for its Global Transfers service. 

The firm, based in Kirkcaldy, Scotland, recently closed a large crowdfunding round where it raised £8.6m, double its initial target of £4.3m, from near 1000 investors. 

The crowdfunding was part of a larger investment round led by Silicon Valley-based Plug and Play, and Digital Space Ventures, an early stage investor. Plug and Play has previously invested in both PayPal and N26 while Digital Space Ventures has invested in Revolut and Tandem.

Launched just two years ago, Paysend says its rapid growth stems from the emergence of an increasingly mobile work force and the expanding numbers of international students who require money transfers. Last month alone, more than 100,000 new users or 3,000 every day used Paysend for the first time, it says.

Some of the most popular destinations for sending money from Europe are China, India, Philippines, Poland, Nigeria and Ukraine.  

Ronald Millar, CEO at Paysend, said the firm plans to launch new services this autumn to make “paying, holding and sending money globally even easier and cheaper.”