Fintech to open new capital hub

Published: 24 June 2019

Digital currency fintech Paysend is to open a hub for its finance and customer service teams in Edinburgh after raising nearly £4.4 million through a crowdfunding campaign.

Digital currency fintech Paysend is to open a hub for its finance and customer service teams in Edinburgh creating 50 jobs

It took a matter of days for the Kirkcaldy-based company to exceed its £4.2 million target offered in return for 3.3% equity on Seedrs.

The company, already valued at £125 million, has also launched its Pays XDR 'stablecoin' currency backed up by a basket of five currencies and using blockchain technology.

It said it had chosen the capital for its new office because of the strength of the fintech community and pool of talent from its universities. The office will take on 10 staff initially with the workforce growing to 50 within 18 months.

Paysend was formed in 2017 to make financial transfers quicker and simpler. It now has more than 800,000 customers and transfers £600 million a year, connecting 12 billion cards from issuers including Mastercard, Visa and China Union Pay.

Its Paysend Link is described as a WhatsApp for fixed fee transfers with money sent as a text message. The system offers more than 40 payment methods for 25,000 online merchants making more than 1.5 million transactions a month.

The strength of Edinburgh’s financial sector over many years, along with the skills and dynamism from the universities made it the ideal choice for us to expand in Scotland.

Ronald Millar, CEO, Paysend

 

The firm has offices in Fife, London and Moscow. CEO Ronald Millar is also the founder of pay TV platform Paywizard, which helps TV brands manage their relationships with subscribers.

He said “We were looking for a city where the people have the right blend of consumer-focussed skills, financial skills and the enthusiasm for start-ups...

Full story via Insider.co.uk News

 

 

 

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