Paysend, an international remittance platform has reportedly raised £8.5m in its Series B round, which was made up of venture firms and crowdfunders.
GVA Capital invested £3.95m into the company and the remaining £4.6m came from 926 investors on the Seedrs crowrdfunding platform, several reports in the media claim.
The company enables users to transfer money online to over 70 countries from just £1, $2 or €1.50. The platform displays the FX rate, the transfer fee and the amount the second party will receive to ensure complete transparency.
Some of the countries supported by Paysend include Austria, China, Georgia, Kazakhstan, Moldova, The Philippines, Singapore, and Sweden, among others.
Last year, the FinTech raised $20m in a funding round led by MARCorp Financial. The capital was raised to support the launch of new services and aid its expansion efforts.
Since 2014, a total of $57bn has been invested into companies building payment and remittance services, FinTech Global data shows. A third of this was invested in 2018, with $19.6bn being invested into 217 companies across the year, but this was largely due to a $14bn Series C of Chinese payment giant Ant Financial.
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