Business

Paysend, the Money Transfer Start-Up Raises $5.33M in 3 Days

Almost 350 investors took part in Paysend's first crowdfunding campaign

11.06.2019 | by Reve Fisher
Photo by Jonas Leupe on Unsplash
Photo by Jonas Leupe on Unsplash

Paysend believes that its platform is “money for the future”– after raising an astonishing $5.33 million (£4.2 million) in its first crowdfunding campaign on Seedrs, that future may come to pass even faster than expected.

Paysend’s anti-fraud programme has been designed as the solution to securely allow any Visa or MasterCard, as well as several country-specific cards, to send and receive money. All that is needed is the recipient’s name and a 16-digital card number. Through the Paysend platform, users can bypass traditional banking systems, eliminating slow delivery, bank fees and high currency exchange rates.

“Sending money from card-to-card is the new innovative way of sharing value across borders and Paysend is pioneering this space by bringing our consumers unrivalled convenience and peace of mind,” Ronald Millar, CEO Europe of Paysend, told Financial IT.

According to Ronald, several verification levels need to be passed for the transaction to be successful, and all transactions and customer data are protected in accordance with the utmost PCI DSS standards.

“The sender can enjoy a flat low fee and transact on the go by using our mobile app, while the receiver doesn’t have to do anything – they just see the incoming transfer as a credit or a new balance on their card account,” he explained to The Paypers. “All you have to provide is the name of the person to whom you want to send money to and their 16-digit number displayed on the front of their card. No more forms, account numbers, IBANs, BIC, long queues and trips to pick the money at the banking branch.”

Investors who contributed to the Seedrs campaign will receive a special charge-free investor card and access to exclusive information and benefits about the company.

In 2018, the startup tripled its customer base in six months, following its expansion into growing markets in the Middle East and Africa. Already operating in over 70 countries, Paysend is planning to further expand by establishing partnerships with financial institutions around the world.

The funds earned through Seedrs will also be used to launch the company’s second product, the Global Account, in July 2019. The Global Account is a multi-currency wallet that will accept both cryptocurrencies and fiat currencies, such as the Euro and the Dollar, allowing users to convert between both types of currency with ease. Users will also be able to withdraw cash and pay in whatever local currency they need.

“This way we put our consumers in control of their finances, allowing them to spend, hold and move money in multiple currencies as if there were no borders.”

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