Paysend, an international money transfer FinTech, has successfully raised £51 million in their latest funding round, which includes strategic investment from Mastercard. This investment comes after the partnership between Paysend and Mastercard was announced earlier in the year. The partnership will allow Paysend to offer enhanced cross-border payments for SMEs through their open payments network. Additionally, Paysend has gained a strategic partnership with TelevisaUnivision, the world’s largest Spanish language media company, to target the lucrative USA-Latin America money-transfer corridors.
Existing investors, such as Infravia Growth Capital, One Peak and Hermes GPE Innovation Fund, also contributed to the funding round. Since its inception in 2017, Paysend has experienced rapid expansion and now has over 8 million registered customers and can send money to over 180 countries worldwide. The company previously secured $125 million in their previous Series B round.
Co-founder and CEO Ronnie Millar stated that the significant investment is a testament to Paysend’s vision to build the best-in-class cross-border solution for businesses and consumers, making money transfer simple for everyone. Paysend is pleased to welcome new shareholders and appreciate the unwavering support from existing investors.
In conclusion, Paysend has made considerable strides in the fintech industry, and their latest funding round with Mastercard and TelevisaUnivision’s partnership will enable them to further expand their offerings and reach into new markets.