Paysend, a fintech company based in the UK, announced today that it has secured $125 million in a Series B funding round to accelerate the company’s global expansion.
According to an official announcement, the latest funding round was led by One Peak along with participation from Infravia Growth Capital, Hermes GPE and others. The mobile-based payments platform is planning to expand its team to launch innovative fintech products.
Founded in 2017, Paysend has grown significantly in the last few years. According to the company, it serves more than 3.7 million customers and 17,000 SMEs around the world. In addition, the company’s valuation spiked substantially after the latest funding announcement.
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Commenting on the Series B funding round, Ronnie Millar, CEO at Paysend, said: “This $125m B Round investment will allow us to take our platform to the next stage, innovating and expanding geographically to target the $133tn opportunity in cross-border payment flows. There remain significant barriers to entry for consumers and SMEs to pay and send money globally; our platform aims to democratize the service by providing a one-stop-shop to pay and send money to families, suppliers, employees and partners in any currency anywhere in the world at a significantly reduced cost.”
The recent announcement from Paysend came after Zeta, a banking technology startup, raised $250 million in a Series C funding round at a valuation of $1.45 billion.
The total volume of global financial transactions has increased rapidly since the start of 2021 amid an economic recovery from the coronavirus pandemic. Paysend aims to take advantage of the recent trends in the global digital payments industry.
“In particular, we are seeing strong opportunities as Paysend moves beyond consumers to serve business customers and expands its international footprint to address a growing need for fast, easy and low-cost cross-border digital payments. Paysend has built an exceptional payment platform by maintaining an unwavering focus on its customers and constantly innovating. We are excited to back the entire Paysend team in their next phase of explosive growth,” Humbert de Liedekerke, Managing Partner at One Peak Partners, said in a statement.