Fife currency transfer fintech smashes crowdfunding target

The crowdfunding campaign, launched with platform Seedrs, saw Kirkcaldy-based PaySend aim to raise £4.26 million for a 3.3 per cent stake in the company, which specialises in international transfers.

Founded less than two years ago, the company, which employs 100 technical staff in Moscow and 30 between its offices in London and John Smith Business Park in Kirkcaldy, has now said the fund raising drive has brought in almost £4.4m from investors.

PaySend initially created a world-first system of transferring funds internationally via a mobile app that allows people to hold, move and spend multiple currencies by knowing a recipient’s 16-digit card number.

This was then developed further to transfer money overseas by knowing the recipient’s phone number.

Funds can be held in the wallet in different currencies and spent by using a physical PaySend card, which is backed by Mastercard.

The company also previously launched PaySend Link, where the recipient sees an incoming transfer and is able to direct it to a card or bank account of their choice and withdraw.

The company boasts 750,000 registered users and operates in more than 70 countries.

PaySend also recently launched its global accounts product, a way of holding multiple currencies digitally, with an accompanying physical Visa card that spends in the required currency.

Ronald Millar, chief executive of PaySend, welcomed the investment and stated that the firm will be “expanding rapidly” on the back of the cash injection.

The expansion programme will include a recruitment campaign and proposals to increase the company’s footprint in Scotland.

Mr Millar said: “I’m very pleased that it has gone so well, and to have reached our target so quickly.

“The money will be used to fund the expansion of the business and to roll out a business to business side of the operation which will enable larger sums to be transferred internationally.

“The company is just two years old, and the fact that in that time it has grown from having zero customers to more than 800,000 is a tremendous success, and we are already working on other projects – we are creating money for the future.”

Last year PaySend raised $20 million in a series A funding round and the latest funding round has been backed by major Silicon Valley investor Plug and Play and fintech venture capitalists Digital Space Ventures, who together have invested around £4m.