Posted on July 29, 2019 by staff

Scottish FinTech closes £8.5m funding round


Scottish FinTech start-up Paysend has secured £8.5m in a combination of traditional and crowdfunded fundraising.

The money comes from GVA Capital, alongside 933 investors on the Seedrs platform, which it said it will use for global expansion.

The start-up’s app-based platform offers the ability to send and receive money across over 60 countries.

It claims to have around 900,000 users who conduct $55m in transactions every month

The start-up, which is registered in Fife, also has offices in London, Edinburgh and Moscow.

As part of its crowdfunding campaign Paysend also announced the launch of its own digital currency, Pays XDR.

The firm claims the new currency is 100 per cent backed by a basket of five fiat currencies; USD, EUR, GBP, JPY, CNY, that users can hold, trade and transact with in real-time.

“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 CEO 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.”