Paysend closes $125 million Series B funding round led by One Peak

By Megha Bhattacharya

Paysend has closed a Series B funding round of $125m, led by One Peak, with participation from Infravia Growth Capital, Hermes GPE Innovation Fund, and existing long-term investors including Silicon Valley-based Plug and Play. The funding will help Paysend expand its international footprint and speed up product innovation, enabling it to further accelerate its impressive growth trajectory.

Ronnie Millar, CEO at Paysend, commented, “Paysend’s vision is to develop the next generation integrated global payment ecosystem for consumers and SMEs. Our innovative technology is connecting 12bn cards worldwide to pay and send instantly anywhere, anyhow and any currency – we call this Money for the Future. This saves time, saves money and connects millions of people and businesses around the world.”

“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 democratise 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. We are delighted that we have a great new set of investors, led by One Peak, who share our strategic vison for the payments market and backs the team of people who have created Paysend from a start-up four years ago.”

Recently, FinTech Paysend teamed up with Plaid to provide their 3.5 million customers with open banking payments that enable fast, low-cost international money transfers. Paysend stated that it has enabled a smooth “click, confirm, and carry on” experience using Plaid’s open banking platform. As a result, Plaid’s instant payment initiation service reduces the time and clicks it takes to authorise a transfer by up to 80%.

Humbert de Liedekerke, Managing Partner at One Peak, commented, “We are excited by Paysend’s enormous growth potential in a massive market, benefiting from a rapid acceleration in the adoption of digital payments. 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 payments 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.”