London-based international money transfer company Paysend has successfully raised $65 million (£51.4 million) in its latest funding round, featuring a strategic investment from global financial giant Mastercard.
Paysend, catering to both consumers and businesses, facilitates cross-network payments across major platforms such as Mastercard, Visa, China UnionPay, and local ACH payment schemes. The fintech, in operation since 2017, enables money transfers to over 170 countries and has amassed a customer base of more than six million.
Competing with industry heavyweight Wise (formerly TransferWise), Paysend solidified its ties with Mastercard earlier this year, leading to this strategic investment. The company’s services are positioned as a user-friendly solution for international money transfers.
Key backers in this funding round include existing investors Infravia Growth Capital, One Peak, and Hermes GPE Innovation Fund. Paysend’s CEO, Ronnie Millar, expressed gratitude for the continued support and emphasized the company’s commitment to creating an outstanding cross-border solution.
This funding round follows Paysend’s $125 million Series B in 2021, which saw participation from California-based investor and accelerator Plug and Play. With the latest investment, the total funds raised by Paysend reach $224 million, according to Dealroom.
Looking forward, Paysend aims to further expand its global presence, with a specific focus on the USA-Latin America transfer market. The company plans to leverage a strategic partnership with Spanish-language media company TelevisaUnivision to fuel growth in this region.