Demand for cross-border money transfers drives growth to over 500,000 customers
MIAMI, May 24, 2022 /CNW/ -- Paysend, the global FinTech with 7 million customers, today announced that it has grown its customer base in the U.S. by an impressive 66% in the past 12 months, to over 500,000. This growth has been driven by recent expansions of Paysend's cross-border money transfer service in the U.S. and Latin America through multiple partnerships, including Visa Direct, Mastercard Send®, Central Payments and MOVii.
Jairo Riveros, Chief Strategy Officer and Managing Director of North America and LATAM at Paysend said, "Latin American nations and the Caribbean have seen record remittance flows in the past year, rising over 25% according to the World Bank. As more and more people in the U.S. and Latin America require services to help them send funds, Paysend has continued to expand its cross-border transfer services to include bank accounts in Latin America and help customers stay connected and transfer money to their friends and family."
In May 2021, Paysend closed a $125 million Series B investment round, which enabled the company to expand its global footprint and advance product innovation, enabling Paysend to further accelerate its growth trajectory. Since then, Paysend has partnered with services including Visa Direct, Mastercard Send and MOVii, a leading mobile wallet service in Colombia, expanding Paysend's cross-border money transfer services for its US customers, particularly in Latin America.
In the past 12 months Paysend's U.S. operation has reached a number of milestones:
Appointed Jairo Riveros as Managing Director of the US and LatAm as an effort to grow Paysend's footprint in the Americas.
Partnered with Visa Direct to enable Paysend's U.S. customers to send funds to eligible Visa cards in 107 countries and territories.
Expanded its partnership with Mastercard Send allowing US customers to send funds directly to eligible Mastercard cards internationally including to Mexico, Guatemala, Dominican Republic, Honduras, El Salvador and Colombia.
Joined forces with MOVii, a leading mobile wallet service in Colombia, to expand Paysend's cross-border money transfer services for its US customers, particularly in Latin America.
Expanded money transfer services to LatAm bank accounts in Bolivia, Colombia, Peru, Paraguay, Uruguay, Brazil, Chile and Argentina, also including transfers to mobile wallets in Brazil, Chile and Argentina.
Riveros continued: "Our growth in the past year has been impactful not only for us, but for our international customer base. Through Paysend's partnership advancements within the U.S. market and Latin America, we've moved closer to increasing financial inclusion for the two billion unbanked and underbanked people around the world."
In April 2022, Paysend opened its Americas headquarters in Miami. The international payment provider's move embraces Miami's reputation as America's new FinTech capital, with a growing community of venture capital and FinTech startup firms flocking to the area to take advantage of proximity to Latin American markets as well as an influx of top entrepreneurial and technology talent.
Looking ahead in 2022, Paysend will further its expansion into the international payments space with an upcoming launch of its international ACH transaction services enabled through partnership with Central Payments and their Open*CP Fintech API Marketplace, one of the only true banking-as-a-service payments platforms powered by a full-scale digital payments bank, request to pay options and card issuing opportunities for users in select countries.
Paysend is a next generation integrated global payment ecosystem, enabling consumers and businesses to pay and send money online anywhere, anyhow and in any currency. Paysend is UK-based and has global reach having been created in April 2017 with the clear mission to change how money is moved around the world. Paysend currently supports cross-network operability globally across Mastercard, Visa, China UnionPay and local ACH and payment schemes, providing over 40 payment methods for online SMEs.
Paysend can send money to over 150 countries worldwide and has attracted nearly 7 million consumers to its platform. As a global end-to-end payment platform, Paysend has its own global network of banks and international and local payment systems and has partnerships with the major international card networks Visa, Mastercard and China Union Pay as a principal member and certified processor.
For further information visit https://paysend.com.
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