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Fintech-as-a-service company Send Payments has wrapped up an $11.5 million Series B funding round as it scales up operations to access a pipeline of large enterprise opportunities in Australia and Europe.
The raise, which closed oversubscribed, has boosted the payments technology provider’s capital valuation to about $46.5 million and brought on board a host of new investors including Regal Funds Management, Ophir Asset Management and Wunala Capital.
The Series B round comes a year after Send Payments completed a $5 million Series A and since then the company has doubled revenue and tripled its product suite.
The company has also finalised two licence applications to prepare for overseas expansion.
Send Payments, which was founded by Paul Billing and Ian Cragg on the Gold Coast in 2019, has evolved from a currency transfer solutions start-up to a multi-faceted payments technology provider servicing a growing list of clients.
The company has opened a new office in Sydney to accommodate its growth plans, which included a tie-up with listed property settlements provider PEXA Group (ASX: PXA) in August last year.
The arrangement with PEXA will see Send Payments as the preferred partner for settlements that require international fund transfers.
Send Payments says it continues to make “material inroads into the enterprise and corporate brand space, with market-leading brands being signed on a weekly basis”.
The company plans to establish operations across Europe over the next 12 months, and has outlined a focus on scaling its enterprise foreign-exchange products in Australia and overseas.
“The funds raised will very much support these two focuses, particularly now that the brand has a pipeline of large enterprise clients ready to go across these jurisdictions,” says the company.
CEO Paul Billing has welcomed the new shareholders following the Series B raise, which was led Shaw & Partners.
“When I look at the quality of the investors brought on to an already exciting register, I’m incredibly grateful,” says Billing.
“As we have all seen, the current climate is challenging, but if you have the right vision and growth strategy the very best brands are still willing to back you.”
Regal Funds Management, Ophir Asset Management and Wunala Capital have a focus on small cap and pre-IPO companies.
Existing shareholders are also understood to have participated in the Series B to the tune of $5 million.
“For too long large businesses have been left behind in the FX and payments space and this round of funding will help realise that vision; unlocking embedded FX products in brands you already love and trust,” says Billing.
“We look froward to repaying this trust and delivering an even bigger business over the next couple of years.”
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