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."
Paysend Sets Sights on SMEs with New Suite of Services
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.
