Payments platform Paysend closes $125m funding

Mobile payments platform Paysend has closed a Series B funding round of $125 million.

The FinTech offers international money transfers, global accounts, business banking, and e-commerce support for small businesses.

The round was led by growth stage technology investor One Peak, with additional participation from Infravia Growth Capital, Hermes GPE Innovation Fund, and other existing long-term investors including Silicon Valley based Plug and Play.

The valuation used for the funding round was not disclosed.

Founded in April 2017, Paysend claims to serve over 3.7 million consumers, 17,000 SMEs, and 110 receiving countries.

The FinTech cited research by McKinsey which found that 70 per cent of international payments are currently still cash-to-cash, with high fees that average up to 5.2 per cent for each transaction and take one hour to process for both the recipient and sender.

Paysend claimed its solution could cut these fees by 60 per cent.

The FinTech said the funding will allow it to expand its international footprint and speed up product innovation, accelerating its growth.

International money transfers are a huge market worldwide; Worldbank projected international remittance flows to low and middle-income countries will be around $508 billion for 2020.

“We are excited by Paysend’s enormous growth potential in a massive market, benefiting from a rapid acceleration in the adoption of digital payments”, said Humbert de Liedekerke, managing partner at One Peak. “In particular, we are seeing strong opportunities as Paysend moves beyond consumers to serve business customers and expands its international footprint to address a growing need for fast, easy, and low-cost cross border digital payments.”

“Paysend has built an exceptional payments platform by maintaining an unwavering focus on its customers and constantly innovating.”

He added: “We are excited to back the entire Paysend team in their next phase of explosive growth.”

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