Paysend, the card-to-card pioneer and international payments platform, announces that it has reached five million customers, with one and a half million customers joining in the last six months alone. Founded less than five years ago, this makes Paysend one of the world’s fastest growing FinTechs.
Paysend’s platform is unique, owning the entire payment value chain. It removes the need for third-party acquirers or processors which increase cost and complexity, delivering savings and efficiency for consumers and SMEs. Accessible from any mobile device, customers can reach over 135 countries around the world for as little as 1 USD.
Paysend is committed to growing organically and has maintained positive unit economics since inception, with industry leading customer acquisition costs of less than $10 per customer. The five million customer milestone follows continued investment in technology, innovation and expansion that is increasing financial inclusion at scale.
Paysend has continually re-invested in people and proprietary technology to build capabilities that maximise customer value, with independent consumer review firm Trustpilot rating the company highly for convenience, speed and value. In 2021, the company has made significant progress in expanding and enhancing its global payment network with Plaid, Mastercard and Visa, and has significantly increased headcount to over 500 people across the globe, focussed on mobilising key target regions including North America, the Middle East and Asia-Pacific.
The international payments market today remains expensive and inefficient for users with significant barriers to entry for many people. 70% of international payments are currently still cash-to-cash, inflicting consumers and SMEs with high fees that average up to 5.2% per transaction and an hour spent by both the sender and recipient to complete each transfer.
Paysend’s next generation payments platform slashes fees by as much as 60%, with instant transfers through the Paysend app; unlocking up to $5.4bn in annual savings for consumers and SMEs by 2025 and saving millions of hours of process administration.
Paysend’s platform can reduce economic barriers to entry in the payments market by providing immediate access to transfer money to any card holder around the world, connecting 12bn consumers and businesses globally.
Ronnie Millar, CEO at Paysend, commented:
“Reaching five million customers in under five years is testament to the unique capabilities and customer value Paysend offers versus current payments alternatives. Our vision is to create the next generation integrated global payment ecosystem, enabling individuals and businesses to pay and send anywhere, anyhow and in any currency. Our platform helps to connect millions of ordinary people and businesses, increasing financial inclusion worldwide.We are targeting the $133tn opportunity[1] in cross-border payment flows through our vertically integrated platform and innovative card-to-card payments solution. We believe we have only scratched the surface of our potential scale and reach and are continuing to invest in bright and diverse talent, market-leading innovation and expansion into new markets. I am hugely excited by our potential to improve payments services for customers everywhere.”
[1] McKinsey’s 2019 Global Payments Report
