Wise money transfer rival Paysend raises £51m

Paysend transfer Image credit: Postmodern Studio / Shutterstock

London-based international money transfer company Paysend has raised $65m (£51.4m) in its latest funding round that included a strategic investment from Mastercard.

Serving both consumers and businesses, Paysend supports cross-network payments across Mastercard, Visa, China UnionPay and local ACH payment schemes.

It follows a partnership struck between Paysend and Mastercard earlier this year.

The fintech said it can be used to send money to over 170 countries worldwide and has served more than six million customers since its launch in 2017.

It competes with London-based Wise, formerly TransferWise, in the international money transfer market.

The latest investment round for Paysend came from existing backers Infravia Growth Capital, One Peak and Hermes GPE Innovation Fund.

“This significant investment is a testament to the strength of Paysend’s vision: to build the best-in-class cross-borders solution for businesses and consumers, making money transfer simple for everyone,” said Ronnie Millar, co-founder and CEO of Paysend.

“We are thrilled to welcome our new stakeholders, and we appreciate the unwavering support from our existing investors.”

The new funding round follows on from the company’s $125m Series B in 2021 that also featured participation from Californian investor and accelerator Plug and Play.

The total amount raised by the company following the new investment is $224m, according to Dealroom.

Following the investment, Paysend is looking to continue to grow its international presence, with a particular focus on the USA-Latin America transfer market through a strategic partnership with Spanish language media company TelevisaUnivision.