Paysend closes $20 million funding round

Paysend, the business targeting a global payments revolution, has closed a $20 million funding round, led by investment firm MARCorp Financial.

The funding, which also came from other existing investors, will be used to launch new services for Paysend’s rapidly expanding customer base and to invest in its global expansion plans.

Ronald Millar, CEO of Paysend, said: “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.”

The news comes just a few week’s after the payments disruptor announced a three-fold increase in its customer base over the past 6 months.

Michael Fazio, Chairman of MARCorp Financial, said: ”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.”

With Global Transfers being a unique solution to the issue of fast, secure and low-cost remittances, Paysend hopes to cause further shockwaves in an industry ripe for disruption.

The business’s card-to-card money transfer service connects over 12 billion cards through their proprietary technology platform, providing a next generation Fintech solution to the market.

With its unique smart card that allows instant customer decision-making about which currency they want to spend, the Global Account is the second business in the group and another technological first.

Their Global Processing unit maximises revenue for merchants through its data driven approach to customer shopping, and destroys the concept that processing is only about taking a payment.

Michael Fazio added: “We have been working with Paysend for over a year and the expertise of the management team is unmatched in this sector. The combination of the best people and best products in the market has enabled Paysend to achieve dramatic growth since its launch, and we are delighted we had the opportunity to increase our investment in the company”.