Paysend announces six-figure jump in US customers


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 is an online money transfer company based in the UK with operations across the globe – including in the US, where its customer numbers have gone up by around six figures.
  • There was also a rise in outgoing money transactions between the months of September and October – the initial period of operations for the US side of the company.
  • Senior figures at the firm contextualised the move in the wider picture of customer-unfriendly money transfer provisions in the US.

The international money transfers firm Paysend has revealed a rise in its customer base over the course of Q4 2020.

The company launched its operations in the US in September 2020.

Between then and the end of the year, it has acquired over 150,000 customers when calculated on a net basis.

In addition to this leap in customer numbers, the company has also seen a 25% rise in outgoing money transactions in just one month alone.

The figure was seen between September and October.

Paysend caters to a diverse customer base, though a large part of its appeal is to those in migrant communities.

Foreign students who are studying in the US, as well as workers from foreign countries who come to the US and send money home, are also key customers of the brand.

Customers can easily send cash abroad to global bank accounts in over 70 nations around the world.

This can usually be done in a matter of minutes without having to go to any sort of in-person location.

In a statement, a leading figure at Paysend said that the growth in the firm’s customer base came against a backdrop of closures to in-person outlets offered by other providers.

Matt Montes, who is the firm’s general manager based in the US, said that the company was attempting to address a need created by the pandemic’s consequences.

“With hundreds of American financial institutions shuttering physical branches or limiting access due to COVID-19, it’s now even more difficult for consumers to send money to family and friends across borders,” he said.

He went on to say that this requirement had, however, been needed for many years.

“Paysend’s platform fills the void that has long existed in America for a low-cost, convenient method to send money abroad, without charging the erroneous fees that have become synonymous with traditional transfer methods,” he argued.

He also promised that there was more to come – and that new staff hires were in place to enable this.

“As a result of our record new user adoption rate, we’ve grown Paysend’s U.S.-based team,” he said.

Paysend is headquartered in the UK, where it is overseen by the Financial Conduct Authority.

It was set up in 2017 and caters to close to three million people around the globe.

Paysend is one of a number of firms that are working hard to bring services to customers at the current time.

You can learn about other firms in the online money transfer sector, and what they’re up to, here.

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