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Paysend aims for global growth on $125 million funding round

Paysend aims for global growth on $125 million funding round

UK card-to-card payments platform Paysend has secured $125 million in Series B funding to grow its global footprint.

Paysend currentlym supports connections between 12 billion cards globally across Mastercard, Visa, China UnionPay and local card schemes and provides over 40 payment methods for online SMEs.

The firm now reaches over 3.7m consumers, 17,000 SMEs and 110 receiving countries since its founding in April 2017.

Furthering its ambitions to scale the globe, the Scottish-borne fintech recently signed an agreement with Chinese behemoth Alipay and opened for business in the US and Canada.

Ronnie Millar, CEO at Paysend, comments: “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. 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.”

The investment round, which gives Paysend a valuation of $700 million, was led ed One Peak, with participation from Infravia Growth Capital, Hermes GPE Innovation Fund, and existing long-term backers including Silicon Valley based Plug and Play.

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