Capital fintech Paysend hails one millionth user of money transfer service

Paysend, the Edinburgh money transfer firm, is celebrating having reached one million customers for its global transfer service.

Paysend chief executive Ronald Millar said: 'Moving money changes lives'. Picture: Contributed
Paysend chief executive Ronald Millar said: 'Moving money changes lives'. Picture: Contributed

The fintech, which has users in more than 70 countries, hailed the milestone after gaining more than 100,000 new customers – an average of 3,000 a day – in the past month.

Paysend is a card-to-card money transfer product designed to facilitate lower transfer costs for people who live and work in one country while financially reliant on, or providing for, loved ones in another.

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It employs a team of ten at its head office in central Edinburgh, with a goal to boost headcount to more than 50 over the next 18 months as it targets rapid expansion. It also has a base in London.

The fintech said its growth reflects the rise in the number of people living their lives across borders.

It cited World Bank figures showing that there are now 270 million people who live outside their home country, sending an estimated $689 billion (£571bn) a year back to their country of origin, an almost ten-fold increase from 1990.

Paysend chief executive Ronald Millar said: “We are seeing that moving money changes lives. Securing our one millionth customer is a great endorsement of what we are doing for our customers.

“We plan to launch new services this autumn to make paying, holding and sending money globally even easier and cheaper.”

The milestone follows a recent crowdfunder where the fintech raised £8.6 million, double its initial target of £4.3m – part of a larger investment round led by Silicon Valley venture capital firm Plug and Play and early-stage investor Digital Space Ventures.