How they describe themselves: Paysend is a next generation global money transfer platform. Concept development started in 2016, first product – card to card transfers – launched in 2017. We have built a team of financial industry experts dedicated to revolutionising the global money transfer market. 2 years from the initial idea customers can now send funds from over 40 countries to over 60 destinations. Our second product – the Paysend Global Account, launches at Finovate. We live in an always open global village – so should your money. We have created a fast, secure, low cost global alternative for money – money without borders.
How they describe their product/innovation: Paysend Global Account unites a customer with a borderless payments world. A customer can bring fiat or crypto currency into their wallet, move funds between currencies, send funds to other Global Accounts or crypto wallets, and spend their money on-line or in shops. A prepaid card (physical and virtual) can be linked to any of the currencies being held in the account so a customer can spend with fiat or crypto like a standard debit card. Pay for your latte with Bitcoin! The Paysend card also works as a currency card enabling cash withdrawals in 125 currencies. We are changing money forever – removing the virtual and physical borders that create the costs too many consumers have to pay.
Product distribution strategy: Direct to Consumer (B2C)