After notching 400 per cent revenue growth in 2021, fintech as a service (FaaS) company Send Payments has raised $5 million in an oversubscribed 'growth capital' round with Kelly Partners (ASX: KPG) and Polymorphic Capital as key investors.
Send CEO Paul Billing says around 60 per cent of the shareholder register reinvested in the fast-growing company, with other well-known supporters including Doshii founder Sean O'Meara and Athena Home Loans co-founder Michael Starkey.
Since it was founded by Paul Billing and Ian Cragg on the Gold Coast in 2019, Send has evolved from a currency transfer solutions startup to a multi-faceted payments technology provider to a growing list of clients, having signed on five new partnerships per week on average last year.
Flight Centre, Pepperstone and Woolworths Team Bank are a few of its higher-profile customers, but with the latest capital injection Billing expects to secure more large partners, expand embedded finance product offerings, hire additional staff and lay the foundations for an imminent overseas expansion.
"We are thrilled and somewhat overwhelmed by the response from investors, who have shown so much interest and support in our business and vision for the payments markets," Billing says, adding the latest valuation represents a tripling in value over the past year.
"Helping large brands get to market with payment products has traditionally been costly and complex.
"We are proving that with the right ecosystem, any brand, regardless of their size or age, can become a market leader in this space; offering their clients unrivalled experiences at the point it matters most."
The company began its journey as SendFX which Billing says may have been "conflicting to the vision", although the currency transfer solution origins have played an important role in attracting customers and building Send's borderless payment solution offerings.
"We’re transitioning through to our business enterprise strategy, so you'll see our brand evolve coming into the new year - we'll have our first trusted API product in a few weeks, we’ll probably have our card product coming quickly thereafter, so we’ll be able to help big businesses stand up these products for the first time," Billing explains.
"This inflection point is an intentional one, and what it means now is that we have a full pipeline of clients and some very big names that we're engaged with or have signed contracts with that are telling us what they need, when and why.
"Our view is that businesses' use of their client base is starting to change. It’s about creating more value and less attrition rather than necessarily being solely focused on new client acquisition."
He says as a FaaS company, Send needs to be agnostic to any type of payment, rail, distribution or product, from cryptocurrency to merchant terminals to back office tools.
"Payments is a very complex beast, and we’re not really a company that’s trying to just leverage existing ecosystems - we're trying to make them more secure, safer and more efficient so that enterprise clients feel that they can trust a brand like Send to take them to market in that space.
"We’ll have another at least another three products at market in the next 12 months."
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