Paysend Drives Cross-Border Solutions with $65M Funding Round Led by Mastercard

<p>Paysend has raised a substantial sum of $65 million
in its latest funding round led by Mastercard. This follows a partnership with
the money transfer giant that aligns with Paysend's plan to enhance
cross-border payments. Its existing investors, including Infravia
Growth Capital, One Peak, and Hermes GPE Innovation Fund, participated in the
fundraising, according to a report by IBS Intelligence. </p><p>Besides that, Paysend has partnered with
TelevisaUnivision, a prominent Spanish-language media house. This alliance
is tailored to advertise the firm's services in the USA and Latin American money-transfer corridors. </p><p>Ronnie Millar, the Co-Founder and CEO of Paysend,
mentioned: "This significant investment is a testament to the strength of
Paysend's vision: to build the best-in-class cross-borders solution for
businesses and consumers, making money transfer simple for everyone."</p><blockquote><p lang="en" dir="ltr">Today we released details of our latest funding round, raising $65 million, including a strategic investments from <a href="https://twitter.com/Mastercard?ref_src=twsrc%5Etfw">@Mastercard</a> and @TelevisaUnivision. Another big step forward on our mission to make money transfer simpler for everyone!More information: <a href="https://t.co/9khhi3q67J">https://t.co/9khhi3q67J</a> <a href="https://t.co/AMd7Ga14qd">pic.twitter.com/AMd7Ga14qd</a></p>— Paysend (@Paysend) <a href="https://twitter.com/Paysend/status/1729819606674493513?ref_src=twsrc%5Etfw">November 29, 2023</a></blockquote><p>Paysend Sets Sights on SMEs with New Suite of Services</p><p><a href="https://www.financemagnates.com/trending/if-youre-a-psp-and-youre-not-with-mastercard-somethingswrong/" target="_blank" rel="follow">Mastercard and Paysend's</a> concerted effort focuses on
empowering SMEs to execute <a href="https://www.financemagnates.com/terms/p/payments/">payments</a> swiftly and securely across various global
markets, 24/7, 365 days a year. The joint solution, dubbed the Open Payment Network
(OPN), orchestrates the entire payment flow, ensuring near real-time
transactions by leveraging local network partners and instant payment schemes.</p><p>Through the OPN, Paysend aims to enhance
<a href="https://www.financemagnates.com/terms/c/cross-border-payments/" target="_blank" rel="follow">cross-border transactions</a> for small and medium-sized enterprises. The company
targets streamlining processes and fostering global financial accessibility in
the <a href="https://www.financemagnates.com/terms/c/cross-border-payments/">cross-border payments</a> solution space, valued at $133 trillion. </p><p>By leveraging Mastercard's expansive network,
Paysend aims to open new transaction corridors, enhancing person-to-person
transactions between Europe and other global regions. This initiative aligns
with Mastercard's vision to drive an inclusive digital economy benefiting all
individuals worldwide, the company said. </p><p>Enhancing Real-Time Transfers through New Partnerships</p><p>In September, Paysend entered into a collaboration
with <a href="https://www.financemagnates.com/tag/visa/" target="_blank" rel="follow">Visa</a>. This strategic alliance aims to revolutionize the international
money movement, targeting real-time transfers across 170 countries to benefit
Paysend's global customer base.</p><p>The five-year partnership builds on prior
collaborations between the two firms and leverages Visa Direct, Visa's
real-time money movement network. By using card networks instead of
traditional banking infrastructures, Paysend anticipates significant advantages
in terms of cost and faster service for its customers.</p><p>This cooperation extends beyond the UK, targeting the global market. Currently, Paysend and
Visa are conducting joint marketing initiatives to accelerate payments to
eligible Visa cards in key corridors.</p>

This article was written by Jared Kirui at www.financemagnates.com.