Tag Archives: Paysend

Fintech, News

Paysend partners with Damane Cash to enable transfers to Morocco

LONDON – 28 JULY, 2022 – Paysend, the UK-based FinTech with over 7 million customers, today announces a partnership with Damane Cash, a payments institution and subsidiary of Bank of Africa, to enable money transfers to Morocco.

With features such as low fixed fees, upfront exchange rates, faster transfer speeds and the ability to make instant, digital end-to-end international payments, this partnership will enable Paysend to transform how communities in Morocco manage money online globally.

Alex Bessonov, Group Head of Network Development and Strategic Partnerships at Paysend, said: “This partnership between Damane Cash and Paysend will encourage users all over the globe to connect across borders and send money to support loved ones in Morocco. They will experience more affordable rates and quicker processing speeds when sending important remittances. Through Paysend’s easy-to-use app, automated phone number and text ID verification, users can benefit from a quick and simple onboarding process, allowing them to make transfers through the Paysend platform immediately.”

To start sending money to Morocco, download the Paysend app from the App Store or Google Play, or visit www.paysend.com to find out more.

Fintech, News

Paysend helps accelerate SME growth with new business product

LONDON – 15 June, 2022 – Paysend, the UK-based fintech with over 7 million customers, today announces the launch of Paysend Business, a new product that aims to accelerate the financial growth of small and medium-sized enterprises (SMEs) by providing them with the end-to-end payments platform and tools they need to take control of their financial health and to succeed.

Through its new business offering Paysend plans to lead the way in the world of digital payments, creating more opportunities for SMEs around the globe to grow their customer base and diversify their supply chain by allowing them to send, hold and receive digital payments via several different payment gateways and in multiple currencies.

Paysend Business allows SMEs to accept payments online from all major debit and credit cards (Visa and Mastercard) in over 38 currencies globally, including payment gateways Apple Pay and Google Pay, and in over 190 countries at any time. The SMEs can grow, scale globally and be more cost-effective by having the acquisition and settlement of funds from their customers along with the payments platform in a single solution.

In bringing together the ability to receive funds globally, next day settlement, multi-currency accounts, payouts to cards and instant payments onto one SME platform Paysend Business has removed the key complexities and difficulties of payments for the SME market.

Paysend Business provides all this with a simple low cost fee structure and a personal account manager to resolve any issues in real time.

SMEs will also be able to create a seamless checkout experience for their customers through plugin integrations with e-commerce platforms such as Woocommerce.

Ashley Mallett, Head of Business at Paysend, said: “Businesses are looking for more efficient and secure ways of processing payments and managing their wider financial needs. We are addressing this gap by providing a one-stop-shop online financial ecosystem that can offer SMEs fully integrated, affordable and time efficient financial services.

“With the benefit of faster settlement speeds, quicker transfers and clear pricing through Paysend’s new business offering, SMEs can become more confident, nimble and efficient in their operations, allowing them to focus on serving their customer needs and developing their offerings instead of operational headaches.”

More information can be found on the Paysend website.

Fintech, News

Paysend celebrates its five year anniversary

LONDON – 21 APRIL, 2022 – Launched in April 2017 with a vision to change the way that people manage their everyday finances, UK-based FinTech Paysend today celebrates its five year anniversary. Reaching this milestone, Paysend’s payments ecosystem is trusted by more than 6.5 million consumers for money transfers to over 150 countries globally as well as a growing network of small and medium-sized businesses who can receive digital payments from all major debit and credit cards in up to 38 currencies through Paysend’s business platform.

Paysend’s journey started with a team of experts from the banking and payments industries who became frustrated by the complex, slow-moving and limiting nature of the traditional payments ecosystem and wanted to create a more equitable and inclusive infrastructure that individuals and businesses could use for money transfer and payments.

Paysend was the first FinTech to introduce global card-to-card transfers and connect 12 billion cards issued by international payment systems such as Mastercard, Visa, China Union Pay and local cards schemes. From its beginnings in London, Paysend has driven expansion through Europe, North America, Latin America and Asia-Pacific, operating virtually and through offices in London, Miami and Singapore, and employing over 600 people.

In May 2021, Paysend secured US$125 million in a Series B investment round led by One Peak which valued the company at US$700+ million. This investment allowed Paysend to heavily invest in technology, innovation and people in order to expand its global payments network and increase financial inclusion at scale.

Abdul Abdulkerimov, Founder and Chairman at Paysend, said: “I’m so proud of what Paysend’s people and leadership team have achieved since our inception in 2017. We’ve hit some major milestones over the past five years through our Series B funding round, our customer growth trajectory and the third-party recognition that we’ve received from the likes of Deloitte and Sifted for our growth journey. But this is just the beginning of the story and there are exciting times ahead as we look to further expand our ecosystem of payments and partners, as well as growing our headcount and revenues, and set in motion our ambitious plans in the B2B and Enterprise spaces.”

FInance, News

Paysend partners with Afrimoney to enable transfers to the Gambia and Sierra Leone

Paysend, the UK-based fintech with over 6.5 million customers, today announces a technology partnership with Afrimoney, the mobile money service provided by Africell, to enable money transfers to West Africa, specifically The Gambia and Sierra Leone.

Through the partnership, which is powered by MFS Africa, Paysend will enable users to send money across borders via Africell to The Gambia and Sierra Leone, with the funds reaching Afrimoney mobile wallets. With features like low fixed fees on money transfers, competitive exchange rates and the ability to receive instant international payments, Paysend is transforming how communities in West Africa manage money globally.

Alex Bessonov, Group Head of Network Development and Strategic Partnerships at Paysend, said: “The partnership between Afrimoney and Paysend, through MFS Africa, will assist customers all over the world to stay better connected and send funds to support loved ones in West Africa. They will experience more affordable rates for transferring money and experience far quicker processing times. Through Paysend’s easy-to-use app, automated phone number and text ID verification, users can immediately make transfers through Paysend’s platform.”

Andy Widmann, Afrimoney Group Director, said: “Remittances are among the most important applications for mobile money. We want our Afrimoney platform to be as simple and accessible as possible. This partnership with Paysend and MFS Africa makes it easier for people around the world to send mobile money to The Gambia and Sierra Leone, thus making the service even more useful to customers and giving them more financial opportunities.”

Nika Naghavi, Executive Director for MNOs at MFS Africa, said: “Originally a product found in only a few select markets, mobile money is now a global phenomenon. The benefits of mobile money are especially pronounced in the context of family remittances and connecting the diaspora and their loved ones back home. Through this exciting partnership with Afrimoney and Paysend, we will be jointly expanding access for the Gambians and Sierra Leoneans, making it seamless and cost-effective for them to receive money from their families abroad.”

For a limited 30-day period, Paysend is offering fee-free transfers to digital wallets in The Gambia and Sierra Leone until the end of May. Recipients will also receive an equivalent 2 USD bonus, credited by Afrimoney. Customers will also enjoy their first three transfers to digital wallets for improved exchange rates. To start sending money to West Africa, download the Paysend app from the App Store or Google Play, or visit www.paysend.com to find out more.

Fintech, News

Paysend Helps People in The UK Improve Their Financial Health with Paysend Grow

LONDON – 06 APRIL, 2022 – Paysend, the UK-based fintech with over 6.5 million customers, today announces the launch of two new products to help customers improve their financial health: Credit Builder and Pay Later.

Credit Builder lets people in the UK with little or no credit history automatically improve their credit score by simply using their Paysend card for their daily spending when linked to their Paysend Credit Builder account in the Paysend app. The major UK credit reference agencies (Experian, Equifax and TransUnion) are updated on all spending and payments from the Credit Builder account, while customers have the confidence that they can never spend or send more than they have in their Credit Builder account.

Further, for customers who do need access to additional funds, Pay Later gives eligible users – based on Paysend’s own credit scoring system – 100 GBP to immediately spend on purchases with their Paysend card anywhere Mastercard is accepted, online or offline. Eligible customers can start using Pay Later without an external credit check, which may harm their credit score, and will not be charged interest on whatever they have spent from their Pay Later account. By comparison, UK overdraft interest rates are as much as 40% EAR. Also, unlike many other Pay Later services, like those offered during online checkout, Paysend customers can improve their credit score by making timely repayments to their Pay Later account every two weeks.

Customers can get started with both Credit Builder and Pay Later for free with a 90 day trial of the Grow subscription in the Paysend app. After the trial period, there will be a subscription fee of £2.99 per month. More information can be found on the Paysend Grow website.

Ben Chisell, Head of Product at Paysend, said: “Many of our customers have low or no credit score and limited access to financial products that can help them build a credit footprint and strengthen their financial circumstances. We are addressing this gap and helping our customers to positively contribute to their credit score with transactions made through Paysend’s platform.

“Our customers also may need a financial buffer and we’re providing them with a flexible and controlled way to pay later that combines the convenience of paying directly from the Paysend account with zero interest. With Paysend, customers will be able to access additional funds for any purchase and enhance their credit footprint while also being protected from other credit products that may worsen their financial situation.”