Paysend gets $20m funding godsend
Payments firm Paysend has closed a $20 million funding round, led by investment firm MARCorp Financial, with the support of existing investors.
The investment will be used to expand Paysend’s customer base and to invest in its global expansion plans.
Ronald Millar, CEO of Paysend, says that the firm is “the only global card-to-card platform”.
Michael Fazio, chairman of MARCorp Financial, says: “Paysend have created the first integrated B2B and B2C global payments business which is already disrupting the market.”
Paysend has recently announced a three-fold increase in its customer base over the past six months. It currently offers three services: Global Transfers, Global Account and Global Processing.
The firm believes in the future success of Global Transfers, which offers “fast, secure and low-cost remittances”. Its card-to-card money transfer service connects over 12 billion cards through its proprietary technology platform.
The Global Account offers a smart card that customers to choose over the currency they want to spend, and their Global Processing unit maximises revenue for merchants through data.