PaySend, a UK-based global payments platform, announced on Tuesday it secured $20 million through its latest funding round, which was led by investment firm MARCorp Financial. Founded in 2015, PaySend describes itself as a UK fintech company and payments disruptor on a mission to change how money is moved around the world. The company claimed its the next generation money transfer platform that allows users to send funds from card to card from 40 to more than 60 countries.
“No more cash, no more complicated forms to complete, no more bank account numbers, no more IBANS, no more sort codes, no more queuing and long trips to pick up the transfer. Just the 16-digit VISA or MasterCard number. Once you try us, you will never go back to transferring money the old way.”
PaySend explained that it charges only £1, €1.50 or $2 per transfer regardless of the amount sent and it delivers funds in local currency using real exchange rate without any hidden fees or additional charges. Speaking about the investment round, Ronald Millar, CEO of PaySend, stated:
“We are delighted to welcome MARCorp onboard and to increase our international investor base alongside the global technology platform we have built. I am proud of what we have achieved to date, and what we have planned for the future. We are the only global card-to-card platform, and the technological and operational expertise required to create that could only have come from an executive team with special knowledge, creativity and ambition – our team.”
Michael Fazio, Chairman of MARCorp Financial, also commented:
”Paysend have created the first integrated B2B and B2C global payments business which is already disrupting the market. Their three businesses – Global Transfers, Global Account and Global Processing are leaders in their respective fields. We look forward to being a part of the next stage of Paysend’s growth.”
Funds from the investment round will be used to to launch new services and for global expansion efforts.