Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner. Facebook Messenger An icon of the facebook messenger app logo. Facebook An icon of a facebook f logo. Facebook Messenger An icon of the Twitter app logo. LinkedIn An icon of the LinkedIn logo. WhatsApp Messenger An icon of the Whatsapp messenger app logo. Email An icon of an mail envelope. Copy link A decentered black square over a white square.

Crowdfunding drive by Kirkcaldy fintech PaySend tops £8m

Ronald Millar, CEO of Paysend
Ronald Millar, CEO of Paysend

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