Card-to-card payments platform Paysend has raised $125m in its Series B funding round, which it will use to fund its international expansion.

Paysend’s payment system enables consumers and businesses to pay and send money online to any country, in any currency.

One Peak led the round, which had participation from Infravia Growth Capital, Hermes GPE Innovation Fund, and existing long-term investors including Silicon Valley based Plug and Play.

Alongside international expansion, Paysend plans to use the capital to speed up product innovation.

Ronnie Millar, Paysend CEO, 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.

“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.”

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Paysend slashing complexities 

This comes as 70% of international payments are still cash-to-cash, inflicting consumers and SMEs with high fees.

According to Paysend, its service slashes these fees by around 60%, with instant transfers through the Paysend app.

The fintech also said that costs for SMEs to operate globally remain high and involve complexities, such as global multi-currency bank accounts, cross border acquirers, paying staff and suppliers in multiple geographies and currencies.

Millar said: “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.”

Paysend as experienced significant growth since its launch in 2017 and now serves 3.7 million consumers and 17,000 SMEs.

Humbert de Liedekerke, managing parter at One Peak, said: “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.”

Earlier this year, US fintech Plaid has teamed up with money transfer platform Paysend to offer its UK customers open banking payments.