Paysend announces expanding network and latest funding round – UKTN

Paysend is adding six new countries to its network to allow more customers to transfer money to and from countries using their platform.

This comes as Paysend extended its network in areas such as India, South Africa and Sri Lanka in 2019, with plans for further expansion into Nepal, Pakistan and Turkey.

The Fintech startup operates in more than 70 countries and is a principal member of Mastercard, VISA and China Union pay.

The company has also launched a £4.2m Series B funding round on Seedrs to support its growth plans with the round being driven by Plug and Play and Digital Space Ventures.

This latest funding round comes after Paysend’s £20m Series A in 2018.

Ronald Millar, CEO at Paysend, said: “I have always been a firm believer that earning money can be tough but spending shouldn’t be.

“However there has been a systemic issue in the banking and payments industry that has conditioned consumers into thinking that moving money around and managing your finances isn’t that easy, therefore blocking customers from enjoying their hard-earned cash.

“At Paysend we believe that it should be as easy and immediate as sending an email, and finally the digital age is being able to facilitate this.

“We are delighted to be opening up this funding round to all of our customers and fans around the world through Seedrs and look forward to welcoming them on this exciting next step of the Paysend journey.”

Paysend has grown to over 750,000 users, has facilitated over two million transactions every month, and processed over $55m per month in its platform that allows customers to pay, hold and send money anywhere in the world with a minimal fixed fee.


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