Payments start-up Paysend completes £8.5m Series B

Paysend, an international Fintech startup, has closed an £8.5m Series B fundraise from GVA Capital, alongside 933 investors on investment platform Seedrs.

GVA invested £3.95m into the international money transfer company, and Seedrs raised £4.6m. The Seedrs round was driven by leading investors Plug and Play and Digital Space Ventures, who have already backed the likes of PayPal, Revolut, N26 and Tandem.

Its products are designed for the needs of customers who are always on the move, so they can enjoy a life without borders. Paysend has already grown to over 900,000 users, facilitated over 2 million transactions every month and is processing over $55M per month.

During the campaign, Paysend also announced the launch of its global digital currency, Pays XDR. Pays XDR is a digital currency 100% backed by a basket of five fiat currencies; USD, EUR, GBP, JPY, CNY. Reserves are matched in the exact proportion of the International Monetary Fund’s special drawing rights (SDR). Pays XDR will be available via the Global Account and a Pays XDR wallet. The reserves supporting the currency will be independently audited and openly published.

Proceeds from the fundraise will be used to support the global roll-out for the business.

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