A crowdfunding campaign by an innovative Fife based fintech company has closed after more than doubling its target.
PaySend launched the fundraising project in June and sought to raise £4.26 million, for a 3.3% stake in the company which specialises in international transfers.
However, the company, which was valued at £125m at the start of the campaign, saw investors pour money into the fund which closed at £8.7m.
Ronald Millar, chief executive of PaySend said he was “delighted” at the response.
He said: “This gives us the ability to do more things and pursue our core work which is paying, holding and sending money – we are creating money for the future.
“For us, it is about having a product set that meets these, and we have effectively set out our stall for the next five to six months or so.”
The money will be used to fund international expansion, which will see partnerships developed with financial institutions across the globe, as well as adding strategic products to the company’s suite of services.
PaySend introduced a global card to card transfer to connect 12 billion cards issued by international systems including Mastercard, Visa, China Union Pay, and local cards.
The firm set out to disrupt the global payments market and developed a pioneering system which facilitated overseas financial transfers by knowing the recipients mobile phone number for a fixed fee.
PaySend currently has around 130 staff spread across sites in Kirkcaldy, Edinburgh, London and Moscow and within two years went from a standing start to having more than 800,000 customers.
The firm has processed more than two million transactions, totalling in excess of $55m and says that an average of 2,000 new customers sign up every day.
Mr Millar previously founded pay-TV company Paywizard, which is also based in Kirkcaldy.
jimillar@thecourier.co.uk