Paysend closes £8.5 million Series B

Paysend closes £8.5 million Series B

Scottish fintech startup Paysend has closed a £8.5m Series B fundraise from GVA Capital, alongside 926 investors on crowdfunding platform Seedrs.

GVA invested £3.95m into the two-yer old international money transfer company, and Seedrs raised over £4.6m, driven by Plug and Play and Digital Space Ventures.

Paysend currently claims some 900,000 users, conducting over two million transactions at a value of $55 million every month.

The firm added some crypto-razzamataz to the fundraising campaign with the launch of its own stablecoin, PayXDR. The firm says the new currency is 100% backed by a basket of five fiat currencies; USD, EUR, GBP, JPY, CNY, that users can hold, trade and transact with in real-time.

Paysend CEO Ronald Millar said: “We believe that transferring money should be as easy and immediate as sending an email, and finally the digital age is being able to facilitate this. Our vision is to focus on a service offering around pay, hold and send money in order for customers to enjoy their hard-earned cash. This funding round has been the next step in our journey to create money for the future."

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