Send Payments oversubscribes their Series B funding to $11.5m

By Leandra Monteiro

Send Payments recently announced that it has closed off its oversubscribed Series B at the beginning of 2023 with a material uplift in valuation since its last investment.

Shaw & Partners have taken lead to manage Send’s Series B raise. From the very first meeting, they gave the Board a high level of confidence in not only being able to secure the funds but also the right type of investor to support the growth of the business long-term.

Send Payments also welcomes new investors as part of this round including Regal Funds Management, Ophir Asset Management and Wunala Capital. All these funds have a focus on small cap and pre-IPO companies and have a history of supporting companies to successful listing events and beyond.

Paul Billing – CEO and Co-Founder of Send Payments said, “We would like to thank all existing shareholders and team that made today’s announcement possible. For too long large businesses have been left behind in the FX and payments space and this round of funding will help realise that vision; unlocking embedded FX products in brands you already love and trust. When I look at the quality of the investors brought on to an already exciting register, I’m incredibly grateful. As we have all seen, the current climate is challenging, but if you have the right vision and growth strategy the very best brands are still willing to back you. We look froward to repaying this trust and delivering an even bigger business over the next couple of years.”

Send Payments supports businesses of all sizes to imbed FX products for their clients, ensuring value for the end consumer whilst monetising the opportunity for the brand.

In addition to the above Send continues to make material inroads into the enterprise and corporate brand space, with market-leading brands being signed on a weekly basis.

The next 12 months will see Send Payments setting up operations across Europe and a real focus on scaling their enterprise FX products both here and overseas. The funds raised will very much support these two focuses, particularly now that the brand has a pipeline of large enterprise clients ready to go across these jurisdictions.