Fife fintech firm trebles its customers

A Fife fintech start-up has tripled its customer base in the past six months after expanding into global markets.

Paysend allows people to send money to people in more than 60 countries by just knowing the recipient’s name and 16-digit card number.

Based at Kirkcaldy’s John Smith Business Park, the firm has more than 150,000 customers across Europe.

Most recently a series of partnerships expanded the business to customers in the Middle East and Africa.

Ronald Millar, CEO of Paysend, said: “We are excited to reach this important milestone and see our customer base triple in the last six months.

“We are going from strength to strength and this is a clear vote of confidence from our customers who appreciate the convenience of sending money overseas at a fixed low price without any hidden fees or charges.”

Consumers are able to send funds from Europe to more than 12 billion Visa, MasterCard or UnionPay cards through Paysend’s website or mobile app.

The firm charges £1 for transfers in the UK, €1.50 from the eurozone or $2 from the USA, with the recipient being credited in their local currency.

The system bypasses the traditional banking system with the firm claiming its technology eliminates inefficiencies relating to delivery speed, high foreign exchange rates and bank fees.

Mr Millar added: “We are building a global fintech brand and our partnership with Visa, MasterCard, UnionPay and national card schemes allows us to deliver money in a fast, simple and secure way.

“Sending money from card-to-card is the new innovative way of sharing value across borders and Paysend is pioneering this space by bringing our consumers unrivalled convenience and peace of mind.”

The Paysend app has recently entered Middle East and African markets.