Paysend, an international remittance platform, has raised $20m in a funding round led by MARCorp Financial.
Contributions to the round also came from unnamed existing backers.
Paysend is a global remittance solution that lets consumers send money globally, with transfer fees of just £1. The company, which has offices in London and Moscow, is partnered with Visa, MasterCard, UnionPay and a global banking network to provide fast and secure transfers to international bank accounts and cards.
Its app, available on Android and iOS, supports transfers to over 50 countries around the world.
The capital injection will be used to support the launch of new services and to push its global expansion efforts.
Earlier in the year, the company beefed up its fraud prevention processes by partnering with 4Stop, a KYC and anti-fraud technology provider. The deal means users of Paysend have their identity verified and authenticated, to ensure secure transactions.
MARCorp Financial chairman Michael Fazio said, “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.”
Earlier in the week, international payments provider Airwallex closed an $80m Series B round to support its global expansion efforts. The company is bolstering its efforts across Australia, Hong Kong, North America and the UK.
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