Friday 26 July 2019 12:15 am

Scottish fintech Paysend closes £8.5m series B round

Fintech firm Paysend has today announced the close of an £8.5m funding round, led by GVA Capital and a crowdfunding campaign on Seedrs.

Silicon Valley-based GVA invested £3.95m in the round, while Revolut and Paypal-backers Plug and Play and Digital Space Ventures led the funding on Seedrs.

More than 900 investors joined the crowdfunding effort, which raised over £4.6m. Paysend, which operates its own digital currency and also allows customers to pay their friends using just their debit cards, said it will use the funding to support global expansion.

The startup has more than 900,000 users, and facilitates 2m transactions per month to the tune of over $55m (£44m). Before the funding, Paysend was valued at £124.9m.

It has also hired Abhishek Tripathi, one of Paytm’s first employees, as its new head of global accounts.

“At Paysend we believe that transferring money should be as easy and immediate as sending an email, and finally the digital age is being able to facilitate this,” said Paysend chief Ronald Millar.

“Our vision is to focus on a service offering around pay, hold and send money in order for customers to enjoy their hard-earned cash. This funding round has been the next step in our journey to create money for the future, and we’ve been delighted that we’ve been about to open it up to our customers in order to give them the opportunity to join us on the exciting next phase of the Paysend journey.”