Company Information and Credibility
PaySend is the global Fintech company on a mission to change how money is moved around the world. With an estimated 50 to 100 employees, PaySend has developed a lot since its 2017 incorporation just a couple of years ago. It has scaled so quickly, that it has hit an incredible 1,600,000 customers in such a short space of time. In fact, in 2019 alone it gained more than 1,000,000 customers. With offices in London, Scotland and Russia, PaySend is certainly proud of its growing influence, and seeks to provide payment solutions to countries all across the world.
In 2018 Paysend received investment to the tune of £20m in its series A funding round led by MARCorp Financial. The series B funding round wasn’t too far afterwards in 2019 with Paysend raising money through Seedrs, offering a wide variety of different equity share options. The firm received £4.6m of investment from 926 investors and £3.95m alone from GVA Capital. The fundraising campaign also saw the launch of Paysend’s global digital currency, Pays XDR and investment is almost certainly going to focus on product capabilities with Paysend expanding the destinations for which it can facilitate payments, launching payments to countries such as Sri Lanka, Japan and Turkey in 2019.
PaySend is authorised and regulated by the FCA (reg no. 900004) and HMRC, meaning they have all the necessary licensing and authority to trade from the UK. As Paysend offer ‘card2card’ transfers as well as bank transfers from one account to another they are also a registered ‘MasterCard MoneySend’ and ‘Visa Direct’ institution. In short – PaySend has sufficient regulation to ensure it operates within all of its regulatory requirements. Customers should note however that funds held in Paysend’s digital wallet are not covered by the Financial Services Compensation Scheme which protects an individual customers money in a bank account up to £85,000.
PaySend is beginning to gain recognition for its fantastic services and fast growth, as it won the Paytech awards – 2018 Best Cards Initiative.
On the whole, PaySend is beginning to look like an established big hitter despite how recently it was formed. Like with any new company, there will always be both hype and a hyper-focus on mistakes but PaySend are taking it in their stride and have developed a very large user base.