PaySend Raises $20M In Venture Funding To Fuel Expansion

digital payments standardization

PaySend, the global payments company, announced on Tuesday (July 3) that it closed a $20 million funding round.

In a press release, PaySend said the latest round of fundraising was led by investment firm MARCorp Financial. Other participants included existing investors.

“We are delighted to welcome MARCorp onboard and to increase our international investor base alongside the global technology platform we have built,” said CEO Ronald Millar in the press release. “I am proud of what we have achieved to date, and what we have planned for the future. We are the only global card-to-card platform, and the technological and operational expertise required to create that could only have come from an executive team with special knowledge, creativity, and ambition – our team.”

PaySend said the funding will be used to launch new services for its rapidly expanding customer base, and to invest in its expansion efforts around the globe. The funding comes on the heels of PaySend’s announcement of a three-fold increase in customers during the past six months.

“PaySend has created the first integrated B2B and B2C global payments business, which is already disrupting the market,” said Michael Fazio, chairman of MARCorp Financial. “Their three businesses – Global Transfers, Global Account and Global Processing – are leaders in their respective fields. We look forward to being a part of the next stage of PaySend’s growth.”

According to PaySend, its card-to-card money transfer service connects over 12 billion cards through a proprietary technology platform, providing the market with a next-generation FinTech solution. Meanwhile, its Global Processing unit helps merchants boost revenue by taking a data-driven approach to shopping.

“We have been working with PaySend for over a year, and the expertise of the management team is unmatched in this sector,” Fazio noted in the press release. “The combination of the best people and best products in the market has enabled PaySend to achieve dramatic growth since its launch, and we are delighted we had the opportunity to increase our investment in the company.”


Featured PYMNTS Study:

More than 63 percent of merchant service providers (MSPs) want to overhaul their core payment processing systems so they can up their value-added services (VAS) game. It’s tough, though, since many of these systems date back to the pre-digital era. In the January 2020 Optimizing Merchant Services Playbook, PYMNTS unpacks what 200 MSPs say is key to delivering the VAS agenda that is critical to their success.