Scottish FinTech start-up Paysend has secured 拢8.5m in a combination of traditional and crowdfunded fundraising.
The money comes from GVA Capital, alongside 933 investors on the Seedrs platform, which it said it will use for global expansion.
The start-up鈥檚 app-based platform offers the ability to send and receive money across over 60 countries.
It claims to have around 900,000 users who conduct $55m in transactions every month
The start-up, which is registered in Fife, also has offices in London, Edinburgh and Moscow.
As part of its crowdfunding campaign Paysend also announced the launch of its own digital currency, Pays XDR.
The firm claims the new currency is 100 per cent backed by a basket of five fiat currencies; USD, EUR, GBP, JPY, CNY, that users can hold, trade and transact with in real-time.
鈥淎t Paysend we believe that transferring money should be as easy and immediate as sending an email, and finally the digital age is being able to facilitate this,鈥� said Paysend CEO Ronald Millar.
鈥淥ur vision is to focus on a service offering around pay, hold and send money in order for customers to enjoy their hard-earned cash.
鈥淭his funding round has been the next step in our journey to create money for the future, and we鈥檝e been delighted that we鈥檝e been about to open it up to our customers in order to give them the opportunity to join us on the exciting next phase of the Paysend journey.鈥�