Paysend, a London-based payments platform, announced that it has closed a Series B funding round of US$125 million.

The fundraise was led by One Peak, with participation from Infravia Growth Capital, Hermes GPE Innovation Fund, and existing long-term investors including Silicon Valley based Plug and Play.

Paysend said in a statement that the funding will help expand its international footprint and speed up product innovation, enabling it to further accelerate its growth trajectory.

The payments firm reported that it has reached over 3.7 million consumers, 17,000 SMEs and 110 receiving countries since its founding in April 2017.

Paysend’s platform owns the entire payment value chain, removing the need for third-party acquirers or processors which increase cost and complexity, delivering savings and efficiency back to end user consumers and SMEs.

Ronnie Millar, CEO at Paysend, commented,

“This $125 million B Round investment will allow us to take our platform to the next stage, innovating and expanding geographically to target the $133tn opportunity in cross-border payment flows.

 

There remain significant barriers to entry for consumers and SMEs to pay and send money globally; our platform aims to democratise the service by providing a one-stop-shop to pay and send money to families, suppliers, employees and partners in any currency anywhere in the world at a significantly reduced cost.”