Paysend has successfully raised $65m in its latest funding round. The investment round follows a partnership with Mastercard announced earlier this year. The Paysend, Mastercard collaboration is designed to enhance cross-border payments for small and medium sized enterprises. Specifically, Paysend will enhance cross-border payments for SMEs via its Open Payments Network (OPN). In addition, Paysend has secured a strategic partnership with TelevisaUnivision, the world’s largest Spanish language media company. This partnership is designed to target the lucrative USA-Latin America money-transfer corridors. It will see Paysend’s advertising featured on TelevisaUnivision’s network for the next three years. The aim is to enhance Paysend’s visibility and reach across the Hispanic community in the US. Existing investors, including Infravia Growth Capital, One Peak, and Hermes GPE Innovation Fund, also participated in the funding round. Paysend says that this underscores their continued confidence in Paysend’s mission and growth trajectory.
Paysend: rapid expansion since 2017 launch
Since its inception in 2017, Paysend has experienced rapid expansion. The company’s integrated cross-border platform for businesses and consumers positions Paysend to capitalise on the $133trn market opportunity. Earlier this year, Paysend announced a number of strategic expansions. These include the provision of digital payments for Western Union’s global consumer business.
Ronnie Millar, co-founder and CEO of Paysend, said: “This significant investment is a testament to the strength of Paysend’s vision. That is to build the best-in-class cross-borders solution for businesses and consumers, making money transfer simple for everyone. We are thrilled to welcome our new stakeholders, and we appreciate the unwavering support from our existing investors.”
Paysend’s latest funding round builds upon the success of its Series B round in 2021. Through this, the company secured $125m to accelerate the expansion of its global payments platform.
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