Edinburgh based fintech Paysend launches in Canada
Paysend, the Edinburgh fintech business, has secured a licence to operate in Canada, expanding its worldwide footprint for its global money transfers service.
Paysend will launch the service to Canadian consumers early in 2020.
Obtaining the money service business (MSB) license in Canada is Paysend’s first step in establishing its presence in North America. The license allows Paysend to offer its signature Global Transfers service in Canada.
Canada is one of the largest global money transfer markets in the world. Migrants and foreign workers in Canada transfer over $24bn (US dollars) home each year, according to the World Bank Report.
The top five countries receiving money transfers from Canada are China ($4.1bn), India ($2.9bn), Philippines ($2.4bn) France ($1.3bn) and Italy ($1.1bn).
Canadians also receive $1.3bn in money transfers, according to the World Bank. The five markets sending the most to Canada are the US ($879m), the UK ($92m), Australia ($47m), Italy ($27m), and France ($25m).
Canada has the highest proportion of immigrants within the G7 (being the seventh-largest economy worldwide) at 21.5% or 8.1m migrants compared to a 37.6m population.
Ronald Millar CEO at Paysend, said: “Moving into Canada is a significant step for Paysend global expansion plan, establishing a firm foothold in North America which is a massive opportunity.”
Timur Shomansurov, Canada country manager at Paysend, said: “I’m excited that soon Canadians will be able to access a money transfer service that prioritises convenience, accessibility and low fees. Paysend is raising the bar and is setting a new standard for the whole industry. This will ultimately lead to improved customer experience, lower fees and higher customer satisfaction for everyone sending money abroad.
“Our unique Global Transfers service enables customers to move money in an instant anywhere in the world. With fixed and transparent fees, our service ensures that more of our customers’ money is enjoyed by those they care about.”