FinTech Paysend is partnering Mastercard to extend its global transfer transactions service.

The strategic partnership with Mastercard, which will start in the UK and EEA, is intended to be mutually beneficial as it will boost Paysend’s global reach and enhance both businesses’ customer base.

Founded in 2017, the UK based company enables instant cross-border transfers, card processing and merchant acquiring as well as local payments.

Paysend has enabled transactions for more than 3 million customers and said the tie up with Mastercard comes after the company experienced ‘hypergrowth’ as a result of changing money management needs during the pandemic.

The new partnership with Mastercard will support Paysend’s global approach by offering a platform for strategic expansion, therefore increasing the capacity for inter-regional transactions.

Jason Lane, executive vice president of market development for Europe at Mastercard said: “We are thrilled to be able to partner with Paysend. This partnership is an important milestone in delivering a choice of payments, in particular in a cross-border environment, and allowing people to pay how they want, anywhere, anytime.”

Paysend recently opened its US operations and secured a partnership with Alipay in order to grow its global footprint.

Ronald Millar, co-founder & chief executive of Paysend said: “Our partnership with Mastercard will bring even more freedom to Paysend customers who want to hold, spend and send their money on a global scale.”

“We will be working with Mastercard on collaboration programmes to bring the benefits of our multi-currency service to more people around the world, so they can spend freely and flexibly on their travels”.

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