Paysend raises $125m Series B round as it eyes further global expansion
Global payments platform Paysend has secured a $125m Series B round to help further fund its global expansion plans.
Paysend, which launched four years ago, allows customers and businesses to send money online from anywhere in the world in any currency. It boasts more than 3.7m customers in over 60 countries since its launch.
“Our innovative technology is connecting 12bn cards worldwide to pay and send instantly, anywhere, anyhow and any currency… This saves time saves money and connects millions of people and businesses around the world,” chief executive Ronnie Millar said.
Millar told City PM Paysend’s growth had been largely stable despite the pandemic:“Paysend has been growing at a very fast pace… we haven’t seen a change in that dynamic in the last 12 to 18 months.”
“We’ve achieved all we’ve done on the basis of cumulative $50m of investment,” he added. “$125m for us is obviously a substantial step forward in terms of our abilities.”
The Series B round has been led by One Peak with participation from Infravia Growth Capital, Hermes GPE Innovation Fund, and existing investors including Silicon Valley-based Plug and Play.
“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”, said Humbert de Liedekerke, Managing Partner at One Peak.
The investment will largely be used to expand Paysend’s international footprint, having recently launched its consumer business in North America.
“Two weeks ago we announced the establishment of an APAC headquarters in Singapore so obviously we want to establish and roll that out,” Millar said. “We then just have the global plan of getting ourselves established in other parts of the world, obviously into the Middle East, Australia… Latin American and African markets too…”