Whether it be global multi-currency bank accounts, cross-border acquirers, paying staff and suppliers in multiple geographies and currencies, the costs for SMEs to operate globally are currently high and involve many complexities. British fintech Paysend breaks these barriers to trade by providing SMEs a one-stop-shop to operate globally, at a scale, and at a significantly reduced cost.
In a recent development, the London-based international payments platform that now operates globally has secured $125 million (nearly £88 million) in a Series B funding round.
International expansion plans
The latest investment was led by London-based VC One Peak along with participation from Infravia Growth Capital, Hermes GPE Innovation Fund. Other existing long-term investors also included Silicon Valley-based Plug and Play.
As per the company press release, the latest funds will help Paysend expand its international footprint and speed up product innovation, thereby enabling it to accelerate its impressive growth trajectory further.
Ronnie Millar, CEO at Paysend, commented: “This $125 million B Round investment will allow us to take our platform to the next stage, innovating and expanding geographically to target the $133 trillion 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. We are delighted that we have a great new set of investors, led by One Peak, who share our strategic vision for the payments market and backs the team of people who have created Paysend from a start-up four years ago.”
Humbert de Liedekerke, Managing Partner at One Peak, commented: “We are excited by Paysend’s enormous growth potential in a massive market, benefiting from a rapid acceleration in the adoption of digital payments. In particular, we are seeing strong opportunities as Paysend moves beyond consumers to serve business customers and expands its international footprint to address a growing need for fast, easy and low-cost cross border digital payments”.
Rapid growth in four years
Founded by Abdul Abdulkerimov and Ronnie Millar in 2017, Paysend is one of the world’s fastest growing fintech companies, reaching over 3.7 million consumers, 17,000 SMEs and 110 receiving countries. Paysend targets the $133 trillion opportunities in cross-border payment flows through its vertically integrated platform and innovative card-to-card payments solution.
Paysend’s platform is unique, owning the entire payment value chain; it removes the need for third-party acquirers or processors which increase cost and complexity, delivering savings and efficiency back to end user consumers and SMEs.
The fintech’s services for SMEs include an international business account, global acceptance of cards and alternative payment methods and even salary disbursal for global employees, all through a single digital service. Paysend’s innovative card-to-card service slashes fees by as much as 60%, through the Paysend app, unlocking up to $5.4 billion in annual savings for consumers and SMEs by 2025.