Global FinTech Paysend closed a $125 million Series B funding spherical led by One Peak, with participation from Infravia Growth Capital, Hermes GPE Innovation Fund, and present traders together with Plug and Play, the corporate introduced in a press launch emailed to PYMNTS.
The card-to-card and international funds platform will use the funding to assist Paysend develop its presence internationally and advance the innovation of latest services. The startup is focusing its efforts on tapping the $133 trillion cross-border funds market.
Paysend was based in London in April 2017 by Abdul Abdulkerimov and now reaches greater than 3.7 million shoppers, 17,000 small and medium-sized enterprises (SMEs) and 110 receiving nations.
“Paysend’s vision is to develop the next generation integrated global payment ecosystem for consumers and SMEs. Our innovative technology is connecting 12 billion cards worldwide to pay and send instantly anywhere, anyhow and 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 CEO Ronnie Millar stated within the press launch.
The firm factors out that 70 p.c of worldwide funds nonetheless occur utilizing money, which isn’t solely time-consuming however costly, with charges as excessive as 5.2 p.c per transaction. Paysend’s card-to-card service reduces charges by as a lot as 60 p.c and presents on the spot transfers, that are 92 p.c of the entire transfers.
“There remain significant barriers to entry for consumers and SMEs to pay and send money globally; 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,” Miller added.
Paysend launched its international account to European customers in February, providing a fee-free mobile money account with a multi-currency pockets. The startup stated that its evaluation exhibits that folks can avoid wasting £1.25 billion in charges when spending internationally.
Domenico Scaffidi, head of market infrastructures for FinTech software program maker Volante Technologies, stated in an October 2020 PYMNTS interview that the fast-paced modernization of payments is partially on account of improved cloud know-how.