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.

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.

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."

Today we released details of our latest funding round, raising $65 million, including a strategic investments from @Mastercard and @TelevisaUnivision.

Another big step forward on our mission to make money transfer simpler for everyone!

More information: https://t.co/9khhi3q67J pic.twitter.com/AMd7Ga14qd

— Paysend (@Paysend) November 29, 2023

Paysend Sets Sights on SMEs with New Suite of Services

Mastercard and Paysend's concerted effort focuses on empowering SMEs to execute payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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.

Through the OPN, Paysend aims to enhance cross-border transactions for small and medium-sized enterprises. The company targets streamlining processes and fostering global financial accessibility in the cross-border payments Cross-Border Payments Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries.The concept of cross-border payment is not new however, despite its rise in importance in the 21st century.New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations.Cross-border payments are an essential term that refers to any transaction involving private individuals’ companies, bank Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries.The concept of cross-border payment is not new however, despite its rise in importance in the 21st century.New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations.Cross-border payments are an essential term that refers to any transaction involving private individuals’ companies, bank Read this Term solution space, valued at $133 trillion.

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.

Enhancing Real-Time Transfers through New Partnerships

In September, Paysend entered into a collaboration with Visa. This strategic alliance aims to revolutionize the international money movement, targeting real-time transfers across 170 countries to benefit Paysend's global customer base.

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.

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.