Seedrs funds fintech startup for a second time with £4.2m Series B round

Fintech startup Paysend has bagged a £4.2m Series B funding round with Seedrs to support its growth.

The funding has complemented the firm’s news of adding six new countries to its network, allowing more customers to transfer money to and from countries with Paysend.

The startup operates with a global network of payment systems, banks and local card schemes operating in more than 70 countries and is a principal member of Mastercard, VISA and China Union Pay.

Paysend has scaled its network in India, Nepal, Philippines, Bangladesh, Sri Lanka and South Africa. It also plans to expand to Nepal, Pakistan and Turkey by the end of 2019.

Paysend’s CEO, Ronald Millar, said: “I have always been a firm believer that earning money can be tough but spending shouldn’t be.

“However, there has been a systemic issue in the banking and payments industry that has conditioned consumers into thinking that moving money around and managing your finances isn’t that easy, therefore blocking customers from their cash.”

He continued: “At Paysend, we believe that it should be as easy and immediate as sending an email, and finally the digital age is being able to facilitate this.

“We are delighted to be opening up this funding round to all of our customers and fans around the world through Seedrs and look forward to welcoming them on this exciting next step of the Paysend journey.”

The Series B funding round is driven by investors Plug and Play and Digital Space Ventures, which have backed the likes of PayPal, Revolut, N26 and Tandem.

Following Paysend’s £20m Series A in 2018, proceeds from its Series B will be used to support the global roll-out for the business.

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