International payments platform听Paysend听has closed a Series B funding round of听拢88m.听
The听London firm听is one of the world鈥檚 fastest growing听FinTechs, reaching over 3.7m consumers, 17,000 SMEs and 110 receiving countries since its founding in April 2017.听听
The investment round was听led by One Peak, with participation from听Infravia听Growth Capital, Hermes GPE Innovation Fund, and existing long-term investors including Silicon Valley–based Plug and Play.听
The funding will help听Paysend听expand its international footprint and speed up product innovation, enabling it to further accelerate its impressive growth trajectory.听
Paysend听says听is targeting the $133听trillion opportunity in cross-border payment flows through its card-to-card payments solution听which听removes the need for third-party acquirers or processors which increase cost and complexity.听
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Fees听from cash-to-cash transactions听鈥� which make up 70% of听international听payments currently听鈥�听average听up to 5.2% per transaction and an hour spent by both the sender and recipient to complete each transfer.听听
Paysend听says its听service slashes fees by as much as 60%, with instant transfers听鈥撎�unlocking听up to $5.4bn in annual savings for consumers and SMEs by 2025 and millions of hours.听
鈥�This听investment will allow us to take our platform to the next stage, innovating and expanding geographically,鈥澨齭aid听Ronnie Millar, CEO at听Paysend.听
鈥�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.听听
鈥�We are delighted that we have a great new set of investors, led by One Peak, who share our strategic vison for the payments market and backs the team of people who have created听Paysend听from a start-up four years听ago.鈥�听
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Humbert de Liedekerke, Managing Partner at One Peak, commented:听鈥淲e are excited by听笔补测蝉别苍诲鈥檚听enormous growth potential in a massive market, benefiting from a rapid acceleration in the adoption of digital payments.听听
鈥�In particular, we听are seeing strong opportunities as听Paysend听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.听
鈥淧aysend听has built an exceptional payments platform by maintaining an unwavering focus on its customers and constantly innovating. We are excited to back the entire听Paysend听team in their next phase of explosive growth.鈥�听