back Back

Paysend reaches 5 million customers globally in under 5 years

By Joy Dumasia

November 16, 2021

  • Cross Border Payments
  • Customers
  • Europe
Share

Paysend, the card-to-card pioneer and international payments platform, announced that it had reached five million customers, with one and a half million customers joining alone in the last six months. Founded less than five years ago, this makes Paysend one of the world’s fastest-growing FinTechs.

Paysend is committed to growing organically and has maintained positive unit economics since inception, with industry-leading customer acquisition costs of less than $10 per customer. The five million customer milestone follows continued investment in technology, innovation, and expansion, increasing financial inclusion at scale.

Paysend has continually re-invested in people and proprietary technology to build capabilities that maximise customer value, with independent consumer review firm Trustpilot rating the company highly for convenience, speed and value. In 2021, the company has made significant progress in expanding and enhancing its global payment network with Plaid, Mastercard and Visa. It has significantly increased headcount to over 500 people across the globe, focussed on mobilising key target regions including North America, the Middle East and Asia-Pacific.

Paysend’s next-generation payments platform slashes fees by as much as 60%, with instant transfers through the Paysend app, unlocking up to $5.4bn in annual savings for consumers and SMEs by 2025 and saving millions of hours of process administration.

Ronnie Millar, CEO at Paysend, commented: “Reaching five million customers in under five years is testament to the unique capabilities and customer value Paysend offers versus current payments alternatives. Our vision is to create the next generation integrated global payment ecosystem, enabling individuals and businesses to pay and send anywhere, anyhow and in any currency. Our platform helps to connect millions of ordinary people and businesses, increasing financial inclusion worldwide. We are targeting the $133tn opportunity in cross-border payment flows through our vertically integrated platform and innovative card-to-card payments solution. We believe we have only scratched the surface of our potential scale and reach and are continuing to invest in bright and diverse talent, market-leading innovation and expansion into new markets. I am hugely excited by our potential to improve payments services for customers everywhere.”

Previous Article

November 16, 2021

Point72 announces close of Point72 Hyperscale Fund, establishes new structure for growing institutional private investment businesses

Read More
Next Article

November 16, 2021

Colt Technology Services is the only communications provider in the world to have GDPR-compliant Binding Corporate Rules

Read More






IBSi Daily News Analysis

UK, Bank

July 12, 2024

Cross Border Payments

Global securities lending revenue sees sharp 16% decline to $2.53bn in Q2 2024, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 12, 2024

Nuvei and Mastercard team to enable crypto to fiat conversion

Read More

July 12, 2024

Payset and ClearBank partner for local and cross-border payments

Read More

July 12, 2024

Network International launches Business Payment Solutions with Mastercard

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
Wealth Management & Private Banking Systems Report Q2 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024