Paysend bags $125m Series B as it sets sights on global expansion
The fintech says it has amassed 3.7 million users in over 60 countries since it was founded in 2017.
It seems as if we can’t move for fintech funding rounds at the moment and today is no different.
International payments platform Paysend has today announced a $125m Series B funding round to help it fund its global expansion plans.
“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,” Ronnie Millar, CEO of Paysend said.
“Paysend’s vision is to develop the next generation integrated global payment ecosystem for consumers and SMEs. Our innovative technology is connecting 12bn cards worldwide to pay and send instantly anywhere, anyhow and any currency – we call this Money for the Future.”
The funding round was led by One Peak and saw participation from Infravia Growth Capital, Hermes GPE Innovation Fund and existing Silicon Valley-based investor Plug and Play.
“There remain significant barriers to entry for consumers and SMEs to pay and send money globally; our platform aims to democratise 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 went on.
Through a global network of banks, international and local payment systems, Paysend allows customers to send money online from anywhere in the world in any currency.
“We are excited by Paysend’s enormous growth potential in a massive market, benefiting from a rapid acceleration in the adoption of digital payments,” Humbert de Liedekerke, Managing Partner at One Peak, added.
“In particular, we are seeing strong opportunities as Paysend moves beyond consumers to serve business customers and expands its international footprint to address a growing need for fast, easy and low-cost cross border digital payments.”
Since 2017, the payments fintech has grown to more than 3.7 million. consumers in over 60 countries and supports connections between 12bn cards globally.