The customer milestone was reached for its card-to-card money transfer service, Global Transfers.

The user base spans across 70 different countries worldwide.

The reason for such rapid growth comes from the emergence of increasingly mobile segments of the workforce and the continued growth of international students. These are people who live and work in one country while financially providing for, or relying on, others in another country.

On many occasions, these transactions have been life-changing for those that send or receive money. As what was once a laborious, slow and expensive process to move money across borders and currencies is now simple, quick and low cost.

Within the last month, over 100,000 new users or 3,000 every day have used Paysend for the first time.

Paysend customers working overseas regularly send money home to support their families. The lower cost of transfers has a significant impact on how far money can go in the home country. Paysend charges the same transfer rate, regardless of whether it is buying or selling a currency. This means the only cost to customers is a £1 transaction fee.

Instant, freemium and borderless, Paysend’s Global Transfer customers can easily transfer money card-to-card or using a phone number.

Ronald Millar, CEO at Paysend, said: “We are seeing that moving money changes lives. Securing our one-millionth customer is a great endorsement of what we are doing for our customers. Our unique card-to-card technology enables our 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. We plan to launch new services this autumn to make paying, holding and sending money globally even easier and cheaper.”

The company’s one millionth customer benchmark closely succeeds a lucrative crowdfunding campaign for the business which raised £8.6m from 938 investors. This was double its initial target of £4.3m.