Paysend acquires five million customers in less than five years

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Paysend, an international money transfer company, has announced that it has secured five million customers in under five years of operation.
  • The firm explained that its continued investments in technology have played a role, as well as its approach to hiring.
  • “We believe we have only scratched the surface of our potential scale and reach and are continuing to invest in bright and diverse talent, market-leading innovation and expansion into new markets,” said a senior figure at the company.

The international money transfer company Paysend has confirmed that it has secured five million global customers.

The company said that one and a half million of these had signed up in just the last six months.

The firm, which was set up less than five years ago, has now been declared one of the world’s fastest-growing financial technology companies.

It said that it had made low customer acquisition costs a key focus of its business model.

On the whole, it costs less than $10 to acquire each customer.

The firm said that it had managed to keep costs low by ensuring that it invests properly in its technology and innovation.

It has some proprietary tech of its own, for example, and it also focuses on helping customers get what they need.

It has paired up with several other major financial organisations, including Visa and Plaid.

It has also hired staff members in major regions including North America and the Asia-Pacific area.

In a statement, a senior figure at Paysend said that the company was able to provide a superior service compared to its competitors.

Ronnie Millar, the firm’s chief executive officer, said that the company had some “unique” tendencies when it came to customer value.

“Reaching five million customers in under five years is testament to the unique capabilities and customer value Paysend offers versus current payments alternatives,” he said.

He added that the company’s vision was for customers to be able to pay in multiple ways.

“Our vision is to create the next generation integrated global payment ecosystem, enabling individuals and businesses to pay and send anywhere, anyhow and in any currency.”

He explained that the company wanted to bring together people and firms as part of a push for financial inclusion.

“Our platform helps to connect millions of ordinary people and businesses, increasing financial inclusion worldwide.

“We are targeting the $133tn opportunity in cross-border payment flows through our vertically integrated platform and innovative card-to-card payments solution.”

He went on to explain that the company perceived itself to have lots of potential growth ahead of it in the future.

“We believe we have only scratched the surface of our potential scale and reach and are continuing to invest in bright and diverse talent, market-leading innovation and expansion into new markets.”

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