Send Payments, a Sydney-based cross-border enterprise payments provider, has raised $5m AUD to support the growth and development of its enterprise payments platform.
The funding round saw participation from new investor iPartners, alongside existing investors Regal Funds Management and Kelly+Partners Investment Office.
Send Payments’ platform aims to remove the complexity of global transactions for enterprise clients, offering businesses a seamless way to embed cross-border payments into their existing offerings.
The fresh capital will accelerate the platform’s product innovation and strengthen its capacity to serve a wider network of enterprise partners. The company is also planning to expand its reach across industries including legal, banking and financial services, global mobility, FinTech, and corporate services.
The investment coincides with the appointment of Matt Barr as the company’s new CEO. Barr, who brings over 25 years of experience in payments and financial services across companies such as Australian Payments Plus, eftpos, Mastercard, Telstra and Bank of New Zealand, replaces co-founder Paul Billing, who has stepped down for personal reasons but remains a strong supporter of the company.
Barr said, “The growth Send has experienced to date is nothing short of incredible. I look forward to leading Send through its next phase of growth in collaboration with our board, executive leadership team and the immensely talented team at Send who have made it what it is today.”
On the funding round, Barr added: “The cross-border payments landscape is rife with complexity and risk, especially for enterprise businesses looking to embed international payments into their existing offering. Send has managed to simplify the whole process with intuitive, scalable and secure technology solutions that seamlessly integrate into existing systems. Combine those solutions with an unparalleled customer service layer and superior compliance function, it’s no wonder Send has seen such rapid and sustained growth.”
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