UK-based money transfer platform Paysend has raised $20m in a new funding round led by investment firm MARCorp Financial.

The company plans to use the new capital to support its expansion plans as well as increase its customer base.

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Besides MARCorp Financial, the funding round saw the participation of the company’s existing investors.

Paysend CEO Ronald Miller said: “We are delighted to welcome MARCorp onboard and to increase our international investor base alongside the global technology platform we have built.”

Paysend enables users to send money from card to card across 40 to over 60 countries. The company is headquartered in London and has a separate office in the Russian capital of Moscow.

In the last six months, the company reported a three-fold surge in its customer base.

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Commenting on the investment, MARCorp Financial chairman Michael Fazio said: “Paysend have created the first integrated B2B and B2C global payments business which is already disrupting the market.

“Their three businesses – Global Transfers, Global Account and Global Processing are leaders in their respective fields. We look forward to being a part of the next stage of Paysend’s growth.”