For the year ending December 31 2019, Paysend’s turnover increased from £4.3 million in 2018, to £15.1m.

Nevertheless, pre-tax losses continued at the firm, rising from £5.1m to £11m over the reporting period.

Paysend has said it is well-positioned for the future after launching into the US – the world’s largest payment market.

Commenting in the newly filed annual report, chief executive Ronald Millar said that 2019 was a ‘year of significant growth’ for the company and that it had expanded its product range, enabling consumers and businesses to pay, hold and send money in any currency.

He said: “Paysend is the only global provider of a card -to -card money transfer service and this has enabled us to rapidly expand our customer base.”

The firm has also expanded its geographical presence and is now regulated in over 45 countries and able to support payments to over 90 countries.

The firm saw an average customer monthly growth rate of 20% during the financial year, ending the period with more than 1.3m clients – more than two and a half times the number at the same period in 2018.

Mr Millar said: “Following the year end, we have continued to see positive customer growth, with now more than 2.5m customers. Due to the group’s position as a truly digital business, the Covid-19 pandemic which has disrupted travel and shopping patterns is driving a switch to digital payments and transactions and has not impacted on our growth.”

Paysend’s product range also grew with the introduction of an e-wallet product early in 2020. The e-wallet enables customers to pay, send and hold their money globally.

The company’s global transfer arm launched pay out channels in a number of countries including India, Nepal, Sri Lanka and South Korea.

Mr Millar added: “In the third quarter of 2020, we launched into the US and Canada. The US is the largest payments market in the world, so we feel that positions us really well for 2021 and onwards. We also have some new products under development at the moment, which we will be rolling out in the new year.”

Mr Millar said Paysend provided purchasing services for small and medium-sized businesses that operated only online, which had seen a strong year relative to physical stores.

He added: “On the consumer side, there are different ways people make payments and we are seeing an accelerated long- term demographic switch away from cash-based payments and on to digital transactions.”