FinTech startup Paysend gets $20m to shake up global remittances
UK FinTech company Paysend has raised $20m in a round led by MARCorp Financial.
The company, which has offices in Fife (Scotland) and London, also drew support from existing investors.
Paysend will use the money to launch new services and to boost its global expansion plans.
CEO Ronald Miller commented on the news: “We are delighted to welcome MARCorp onboard and to increase our international investor base alongside the global technology platform we have built.
“I am proud of what we have achieved to date, and what we have planned for the future. We are the only global card-to-card platform, and the technological and operational expertise required to create that could only have come from an executive team with special knowledge, creativity and ambition – our team.”
Launched early last year, Paysend has created a global card to card payment infrastructure in a bid to simplify global remittances.
Today’s news comes a week after the startup announced a three-fold increase in its customer base over the past six months.
Michael Fazio, chairman of MARCorp Financial, explained why he decided to invest in the company.
“Paysend have created the first integrated B2B and B2C global payments business which is already disrupting the market. Their three businesses – Global Transfers, Global Account and Global Processing are leaders in their respective fields. We look forward to being a part of the next stage of Paysend’s growth.”
MARCorp Financial is a US-based private fund investor co-founded by Fazio, a former senior executive at Deutsche Bank and Houlihan Lokey.
The fund invests across the FinTech, analytics, technology and data management sectors.
Fazio added: “We have been working with Paysend for over a year and the expertise of the management team is unmatched in this sector. The combination of the best people and best products in the market has enabled Paysend to achieve dramatic growth since its launch, and we are delighted we had the opportunity to increase our investment in the company.”