Paysend, a UK-based global payments platform, announced on Tuesday more than 150,000 net new U.S.-based customers have used its platform during the last three months alone to send digital money transfers across borders. Paysend reported that following its stateside launch in September amidst the pandemic, it experienced a 25% increase in U.S. outbound transfer activity between September and October.
“This rapid growth occurred as American residents, including large populations of immigrants, expatriates and foreign exchange students, adopted the platform to securely transfer funds to international accounts located across more than 70 countries in minutes — without visiting a physical bank location.”
Speaking about the milestone, Matt Montes, Paysend’s U.S.-based General Manager, stated:
“Paysend’s platform fills the void that has long existed in America for a low-cost, convenient method to send money abroad, without charging the erroneous fees that have become synonymous with traditional transfer methods. As a result of our record new user adoption rate, we’ve grown Paysend’s U.S.-based team, and we will announce strategic partnerships with global payment partners in 2021 to offer even more features that enable American citizens and visitors alike to connect with loved ones via safe and secure international money transfers.”
Paysend CEO, Ronald Millar, added:
“During times of uncertainty, individuals in emerging economies are even more reliant on fast and affordable cross-border payments from those in the United States. Digital transfers offer a much-needed alternative to traditional money exchange methods. Since the start of the global pandemic, more than one million new global users have joined Paysend’s platform to send money to friends and family around the world. Our successful entry into the U.S. market in Q3 is certainly helping to fuel our global momentum.”
Founded in 2017, Paysend is the global fintech company and payments disruptor based in the UK. It is on a mission to change how money is moved around the world.
“We are the next generation money transfer platform allowing you to send funds from card to card from 45 to over 80 countries.”