UK-based Paysend, founded in 2017, has just reached the milestone of 5 million customers in under 5 years. With their next-generation integrated global payment ecosystem, the fintech startup enables people and businesses to pay and send money online, anywhere and in any currency.
Following a €109 million Series B funding earlier this year, the company has added 1.5 million customers in the last 6 months alone, making them now one of the worlds fastest-growing fintech businesses.
Paysend has a unique platform that covers the entire payment value chain, which removes the need for third parties, delivering savings and efficiency for consumers and SMEs. It is also accessible from any mobile device, so users can reach over 135 countries around the world for less than €1. The five million customer milestone follows continued investment in technology, innovation and expansion that is increasing financial inclusion at scale.
Paysend has continually re-invested in people, increasing headcount to over 500 people in 2021 across the globe. Further, their propriety algorithm has allowed them to build capabilities that maximise customer value. In 2021, the fintech startup made significant progress in expanding and enhancing its global payment network with Plaid, Mastercard and Visa.
The international payments market remains expensive and inefficient for users, with significant barriers for many people. As a result, the majority of international payments are still cash-to-cash, which inflict consumers and SMEs with high fees, as well taking much longer than automated processes.
Paysend’s platform offers a way to send transfers instantly, via the app, at the fraction of the price, boosting financial inclusion through innovation. The Paysend app is projected to unlock up to €4.7 billion in annual savings for consumers and SMEs by 2025, and save millions of hours of process administration.
Ronnie Millar, CEO at Paysend, commented: “Reaching five million customers in under five years is testament to the unique capabilities and customer value Paysend offers versus current payments alternatives. Our vision is to create the next generation integrated global payment ecosystem, enabling individuals and businesses to pay and send anywhere, anyhow and in any currency. Our platform helps to connect millions of ordinary people and businesses, increasing financial inclusion worldwide.”