- Money transfer company Paysend has raised $65 million in funding. The round featured a strategic investment from partner Mastercard.
- The investment adds to Paysend’s $125 million Series B round, which closed in 2021.
- Paysend made its Finovate debut at FinovateEurope in London in 2016.
International money transfer company Paysend has secured $65 million in funding. The round included a strategic investment from Mastercard, which announced a partnership with Paysend earlier this year. That alliance helped enhance cross-border payments for SMEs by way of its Open Payments Network (OPN).
Existing investors Infravia Growth Capital, One Peak, and Hermes GPE Innovation Fund also participated in the round. This week’s investment follows the company’s $125 million Series B round, which closed in 2021.
A Finovate alum since its debut at FinovateEurope in London in 2016, Paysend provides fund transfers to more than 170 countries. The company’s platform ensures transparency by displaying currency rates, transfer fees, and the receivable amount before each transfer. Paysend users can make transfers via bank cards, accounts, and even mobile numbers. Money transfers are certified by Visa, Mastercard, China UnionPay, and are PCI DSS certified, as well.
“This significant investment is a testament to the strength of Paysend’s vision,” Paysend CEO and co-founder Ronnie Millar said, “to build the best-in-class cross border solutions for businesses and consumers, making money transfer simple for everyone.”
Paysend’s funding news comes just days after the company announced a partnership with CalQRisk. The company offers a governance, risk management, and compliance (GRC) solution that Paysend will use to enhance its current risk management processes. In October, Paysend teamed up with fellow Finovate alum Western Union. This partnership provided Western Union customers with a new direct to card payout option.
Paysend is headquartered in London, U.K. The company entered the Israeli market this summer after partnering with Israel-based fintech Okoora.
Photo by Luis Quintero