International money transfer Fintech Paysend has closed an £8.5 million Series B funding round. The securities offering was combination VC/crowdfunding offer as GVA invested £3.95 million while smaller investors contributed £4.26 million via the Seedrs crowdfunding platform. The additional capital will be used to fuel a global rollout of the platform.
On Seedrs, the company had a pre-money valuation of £124.9 million. The £4.26 million represents a 3.3% equity stake in the company. 940 investors participated in the Seedrs offering.
The Seedrs round was aided by leading investors Plug and Play and Digital Space Ventures, who have already backed big name Fintechs like PayPal, Revolut, N26 and Tandem.
Paysend recently announced a stablecoin “Pays XDR.” The cryptocurrency is somewhat similar to Facebook’s proposed Libra currency as it is 100% backed by five fiat currencies: US Dollar, Euros, Pounds Sterling, Japanese Yen and Chinese Yuan.
According to Paysend, reserves are matched in the exact proportion of the International Monetary Fund’s special drawing rights (SDR). Pays XDR will be available via the Global Account and a Pays XDR wallet. The reserves supporting the currency will be independently audited and openly published.
Currently, Paysend enables users to transfer funds immediately in 70 different countries – 24/7.
Paysend reports that it has already grown to over 900,000 users, facilitated over 2 million transactions every month and is processing over $55 million per month.
Paysend CEO Ronald Millar commented on the close of the funding saying they have been delighted to open up the offering to is customers and give them the opportunity to participate in the growth of the company.
“At 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. Our vision is to focus on a service offering around pay, hold and send money in order for customers to enjoy their hard-earned cash.”
Paysend is regulated by the UK Financial Conduct Authority. The company has a global network of banks, international and local payment systems and is partnering with the major international card networks: Visa, Mastercard and China Union Pay as a principal member and certified processor.
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