Paysend Closes $65M Funding Round led by Mastercard

Paysend Closes $65M Funding Round led by Mastercard

Time Stamp: November 29, 2023 8:39 AM
Source Node: 2403997

Paysend has raised a substantial sum of $65 million
in its latest funding round led by Mastercard. This follows a partnership with
the money transfer giant that aligns with Paysend’s plan to enhance
cross-border payments. Its existing investors, including Infravia
Growth Capital, One Peak, and Hermes GPE Innovation Fund, participated in the
fundraising, according to a report by IBS Intelligence.

Besides that, Paysend has partnered with
TelevisaUnivision, a prominent Spanish-language media house. This alliance
is tailored to advertise the firm’s services in the USA and Latin American money-transfer corridors.

Ronnie Millar, the Co-Founder and CEO of Paysend,
mentioned: “This significant investment is a testament to the strength of
Paysend’s vision: to build the best-in-class cross-borders solution for
businesses and consumers, making money transfer simple for everyone.”

Mastercard and Paysend’s concerted effort focuses on
empowering SMEs to execute payments swiftly and securely across various global
markets, 24/7, 365 days a year. The joint solution, dubbed the Open Payment Network
(OPN), orchestrates the entire payment flow, ensuring near real-time
transactions by leveraging local network partners and instant payment schemes.

Through the OPN, Paysend aims to enhance
cross-border transactions for small and medium-sized enterprises. The company
targets streamlining processes and fostering global financial accessibility in
the cross-border payments solution space, valued at $133 trillion.

By leveraging Mastercard’s expansive network,
Paysend aims to open new transaction corridors, enhancing person-to-person
transactions between Europe and other global regions. This initiative aligns
with Mastercard’s vision to drive an inclusive digital economy benefiting all
individuals worldwide, the company said.

Enhancing Real-Time Transfers through New Partnerships

In September, Paysend entered into a collaboration
with Visa. This strategic alliance aims to revolutionize the international
money movement, targeting real-time transfers across 170 countries to benefit
Paysend’s global customer base.

The five-year partnership builds on prior
collaborations between the two firms and leverages Visa Direct, Visa’s
real-time money movement network. By using card networks instead of
traditional banking infrastructures, Paysend anticipates significant advantages
in terms of cost and faster service for its customers.

This cooperation extends beyond the UK, targeting the global market. Currently, Paysend and
Visa are conducting joint marketing initiatives to accelerate payments to
eligible Visa cards in key corridors.

Paysend has raised a substantial sum of $65 million
in its latest funding round led by Mastercard. This follows a partnership with
the money transfer giant that aligns with Paysend’s plan to enhance
cross-border payments. Its existing investors, including Infravia
Growth Capital, One Peak, and Hermes GPE Innovation Fund, participated in the
fundraising, according to a report by IBS Intelligence.

Besides that, Paysend has partnered with
TelevisaUnivision, a prominent Spanish-language media house. This alliance
is tailored to advertise the firm’s services in the USA and Latin American money-transfer corridors.

Ronnie Millar, the Co-Founder and CEO of Paysend,
mentioned: “This significant investment is a testament to the strength of
Paysend’s vision: to build the best-in-class cross-borders solution for
businesses and consumers, making money transfer simple for everyone.”

Mastercard and Paysend’s concerted effort focuses on
empowering SMEs to execute payments swiftly and securely across various global
markets, 24/7, 365 days a year. The joint solution, dubbed the Open Payment Network
(OPN), orchestrates the entire payment flow, ensuring near real-time
transactions by leveraging local network partners and instant payment schemes.

Through the OPN, Paysend aims to enhance
cross-border transactions for small and medium-sized enterprises. The company
targets streamlining processes and fostering global financial accessibility in
the cross-border payments solution space, valued at $133 trillion.

By leveraging Mastercard’s expansive network,
Paysend aims to open new transaction corridors, enhancing person-to-person
transactions between Europe and other global regions. This initiative aligns
with Mastercard’s vision to drive an inclusive digital economy benefiting all
individuals worldwide, the company said.

Enhancing Real-Time Transfers through New Partnerships

In September, Paysend entered into a collaboration
with Visa. This strategic alliance aims to revolutionize the international
money movement, targeting real-time transfers across 170 countries to benefit
Paysend’s global customer base.

The five-year partnership builds on prior
collaborations between the two firms and leverages Visa Direct, Visa’s
real-time money movement network. By using card networks instead of
traditional banking infrastructures, Paysend anticipates significant advantages
in terms of cost and faster service for its customers.

This cooperation extends beyond the UK, targeting the global market. Currently, Paysend and
Visa are conducting joint marketing initiatives to accelerate payments to
eligible Visa cards in key corridors.

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