International money transfer start-up reaches the 1.5 million customer milestone with over 3,000 new users every day.
UK-based fintech Paysend announced that their Global Transfers service has reached 1.5 million customers, despite only having been founded in April 2017. With roughly 300 million people globally sending money across borders on a regular basis, Paysend’s user base represents a significant market share, and indicates the high rate of growth enjoyed by the business.
Paysend’s international transfer platform lets users send money to over 80 countries worldwide for a flat fee of £1 (or equivalent amount depending on the sending country). One of the key drivers for the company’s rapid growth has been the opening up of new money transfer corridors to and from different countries. In the last few months Paysend has been launched in South Korea, Japan and Turkey, and the service is due to go live in the US, Canada and Australia imminently.
Ronnie Millar, CEO of Paysend said: “We’re delighted that Paysend Global Transfers has proven so popular, because it’s focused on developing a more inclusive world where money can be transferred easily and quickly to where it’s needed most. Our mission is to create a world without borders, and the fact that we’re adding new countries to the platform every month means that we’re constantly appealing to new customers that are looking for a fast, safe and cost efficient money transfer.”
The news of Paysend’s 1.5 million customer milestone comes just a week after the business officially launched its new product - the Paysend Global Account. This international current account allows users to spend money abroad with zero fees, exchange and hold multiple currencies at the same time, and make international transfers from within the app.