International Payments Firm Lands $125M Series B
Paysend, a UK-based international payments processor, landed a $125 million Series B investment round led by London-based One Peak Partners. Paysend said it would use the funds to invest in its infrastructure, cutting the costs of sending funds toward a goal of $5.4 billion in savings towards customers by 2025.
Founded in 2017, The firm focuses on helping consumers and merchants send payments worldwide in any currency. To date, the firm said it had reached more than 3.7 million consumers and firms, connecting 110 countries.
“Paysend’s vision is to develop the next generation integrated global payment ecosystem for consumers and SMEs,” Paysend CEO Ronnie Millar said. “Our innovative technology is connecting 12bn cards worldwide to pay and send instantly anywhere, anyhow. Any currency – we call this Money for the Future.”
Paysend 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. McKinsey’s 2019 Global Payments Report valued the untapped card to card international payments market at an estimated $133tn.
“We are excited by Paysend’s enormous growth potential,” Humbert de Liedekerke, a managing Partner at One Peak, said. “Paysend has built an exceptional payments platform by maintaining an unwavering focus on its customers and constantly innovating.”Last modified: May 26, 2021
Kevin Travers was a Reporter at deBanked.