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PaySend remains ‘on target’ despite drop in foreign travel

Ronald Millar, chief executive Pay Send Paysend Paywizard
Ronald Millar, chief executive Pay Send Paysend Paywizard

A Fife fintech that specialises in foreign money transfers has been hit by the reduction in international travel.

PaySend, which was valued at £125 million in an oversubscribed crowdfunding campaign last year, said it remained “on target” despite the Covid-19 impact.

The Kirkcaldy company’s global transfers service is now used by more than 1.5 million people globally.

The firm has recently launched a new product, called a global account, which enables people to pay, hold and spend their money when travelling through a multi-currency wallet, removing many of the fees associated with spending abroad.

Chief executive Ronald Millar said the product would reduce currency conversion costs.

He said: “Obviously travellers are an important market and they are unable to use it at the moment due to the significant fall in travel, but there are other uses of the account that are unaffected and may prove to be particularly useful at this time.

“For example, if an individual is in one country and their family is in another, they can easily transfer money to them into their local currency.

“Our Paylater facility, which provides users with up to £200 credit to make purchases, with interest-free repayments over 14 days will also be very useful.”

The global account incorporates a multi-currency wallet, which currently consists of the world’s top six currencies.

It simplifies the process of switching value between currencies using the mid-market exchange rate and pay in local currency using the Paysend Mastercard or in-app virtual card.

Mr Millar said the long-term move to digital across the economy is a trend that could be set to accelerate over the next five to 10 years due to the pandemic.

The firm, which has 180 staff in total, with 12 in Scotland, has adapted quickly to the need for remote working brought by Covid-19.

Mr Millar added: “Because we are a digital company it has been relatively simple to get people working from home, as well as continuing to develop the business.”

jimillar@thecourier.co.uk