International money transfer FinTech Paysend has raised £51 million in its latest funding round including strategic investment from Mastercard.

The investment round follows the partnership with Mastercard announced earlier this year, through which Paysend will enhance cross-border payments for SMEs via its open payments network.

Paysend has also secured a strategic partnership with TelevisaUnivision, the world’s largest Spanish language media company.

This partnership is designed to target the lucrative USA-Latin America money-transfer corridors, and will see Paysend’s advertising featured on TelevisaUnivision’s network for the next three years, enhancing Paysend’s visibility and reach across the Hispanic community in the USA.

Existing investors, including Infravia Growth Capital, One Peak and Hermes GPE Innovation Fund, also participated in the funding round.

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Since its inception in 2017, Paysend has experienced rapid expansion. It now has over 8m registered customers and can send money to over 180 countries worldwide. 

Earlier this year, Paysend announced a number of strategic expansions, including the provision of digital payments for Western Union’s global consumer business.

“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,” said co-founder and CEO Ronnie Millar.

“We are thrilled to welcome our new stakeholders, and we appreciate the unwavering support from our existing investors.”

Its previous Series B round saw the company secure $125m.

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