Global peer-to-peer payments provider connects immigrants, expatriates and foreign exchange students to loved ones across borders
Global end-to-end payments provider Paysend announced that more than 300,000 U.S. customers have used its platform to send digital money transfers across borders in the past three quarters.
Since the company’s U.S. launch in September 2020, digital money transfers have experienced a considerable boost backed by the COVID-19 pandemic. The market’s value was estimated at $16.3 billion in 2020 and has increased by nearly 9% to $17.69 billion in 2021.
As a result, both Paysend’s domestic and global business activity has accelerated. For example, money transfer services experienced a 214% increase in U.S. outbound transfer activity from September 2020 – June 2021. In addition, the UK-based company recently secured a $125 million Series B funding to accelerate the expansion of its payments platform. And globally, Paysend registered more than 4 million customers for its digital money transfer services to date.
“Paysend is filling a void that has long existed in America: a low-cost, convenient method to send money to loved ones across borders,” said Matt Montes, U.S. president of Paysend. “We anticipate that our monthly double-digit customer growth will only accelerate as we announce new strategic partnerships, more remittance countries and additional services in the coming months.”
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