Paysend reaches 2 million customer mark for its Global Transfer solution

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UK FinTech Paysend has announced that it has reached its 2 million customer milestone for its Global Transfers Service. The company said that it has seen a steady growth on all measures, amidst the COVID-19 pandemic, with a 90% growth in volume from Feb 2020 to June 2020. It also recorded a 70% increase in transactions and a 65% increase in active users during the lockdown. The company reached its 1 million customer mark in Sept 2019 and 1.5 million recently in March 2020.

“Paysend was born with the vision of becoming the leading end-to-end payment ecosystem and being one of the foremost service providers in the huge money transfer market,” Ronnie Millar, CEO of Paysend said. “The fusion of excellent technology, a strong global network of partners and a seamless consumer interface have allowed us to achieve this quickly.”

The FinTech recently announced a guide for money transfers by expats and foreign workers to countries affected by COVID-19. It stated that the pandemic has affected customers of traditional money transfer platforms and high-street banks, remittance outlets and post offices have been rendered ineffective.

“Our vision is to create a better-connected world in which people have instant, borderless and affordable means of sending money home digitally,” Mr Millar added. “2 million customers is a big milestone, but honestly is just the beginning of a bigger challenge – to keep growing and bringing the power of digital money to every segment of society: expats, travellers, small merchants and more. We recently launched our Global Account and our B2B Connect service, and they are also both growing very rapidly.”

Established in 2017, Paysend is a Scottish FinTech company and payments disruptor that allows customers to transfer funds while bypassing the traditional banking system, eliminating inefficiencies associated with slow delivery speed, high foreign exchange rates, and correspondent banks’ fees. The service also allows customers based in Europe to transfer funds to any card overseas at a fixed price, using real exchange rates with no traditional fees.