Fintech startup Paysend has added six new countries to the list of jurisdictions where its network is available. Paysend is now available in more than 70 different countries.
The news comes alongside a Series B crowdfunding round hosted on the Seedrs platform. Paysend is seeking £4.2 million, for a 3.3% equity stake, at a pre-money valuation of £125 million dollars. The just-launched offering has almost hit its initial target backed by 73 individual investors.
The Series B round has been led by Plug and Play and Digital Space Ventures. Paysend closed on a £20 million Series A round in 2018.
Paysend is a payment platform that enables users to transfer money to and from countries instantly.
Paysend operates with a global network of payment systems, banks, and local card schemes and is a Principal member of Mastercard, VISA and China Union Pay.
During 2019, Paysend has scaled its network in India, Nepal, Philippines, Bangladesh, Sri Lanka, and South Africa.
Paysend says it intends to boost its network in Nepal, Pakistan, and Turkey by the end of 2019.
In two years since launch, Paysend has launched Paysend Link, a WhatsApp for transfers where money is sent as a text message and Paysend Global Account, a multi-currency global account that allows customers to avoid cross border fees and easily manage their money.
Paysend CEO Ronald Millar says he is a firm believer that earning money can be tough but spending shouldn’t be. However, there has been a systemic issue in the banking and payments industry that has conditioned consumers into thinking that moving money around and managing your finances isn’t that easy. Pasend is addressing that market need.
“We are delighted to be opening up this funding round to all of our customers and fans around the world through Seedrs and look forward to welcoming them on this exciting next step of the Paysend journey,” said Millar.
Paysend reports that it has already grown to over 750,000 users and currently facilitates over 2 million transactions every month valued at over $55 million per month.
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