UK card transfer business Paysend has closed a $125m Series B funding round led by venture capital firm One Peak.
Also participating in the round were Infravia Growth Capital, Plug and Play and Hermes GPE Innovation Fund.
Established in 2017, Paysend supports cross-border transfers, card processing as well as local payments in 45 to over 80 countries. The company has partnerships with major international card networks such as Visa, Mastercard and China Union Pay as a certified processor.
The company now is able to reach over 3.7 million consumers, 17,000 SMEs and 110 receiving countries since its inception. It also recently signed an agreement with Chinese firm Alipay and entered the US and Canadian markets.
According to Paysend, it intends to use the capital influx to grow its global footprint and accelerate the growth of its payment platform.
Paysend CEO Ronnie Millar said, “This $125m Series B round investment will allow us to take our platform to the next stage, innovating and expanding geographically to target the $133tn opportunity in cross-border payment flows.
“There remain significant barriers to entry for consumers and SMEs to pay and send money globally; our platform aims to democratise the service by providing a one-stop-shop to pay and send money to families, suppliers, employees and partners in any currency anywhere in the world at a significantly reduced cost.”
Earlier this year, Paysend revealed it had teamed up with Mastercard to boost its global market reach and enhance its customer base. The partnership also aims to bolster the potential of its global account, combining its Global Transfer feature with its account/product services.
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