Send Payments oversubscribes their Series B funding to $11.5m
Send announced that it has closed off its oversubscribed Series B at the beginning of 2023 with a material uplift in valuation since it’s last investment.
Send supports businesses of all sizes to imbed market-leading FX products for their clients, ensuring value for the end consumer whilst monetising the opportunity for the brand.
It has been more than 12 months since Send completed its Series A and over that period revenues more than doubled, its enterprise product suite grew by threefold, an additional office was opened in Sydney and two licence applications were finalised ready for overseas expansion.
In addition to the above Send continues to make material inroads into the enterprise and corporate brand space, with market-leading brands being signed on a weekly basis.
The next 12 months will see Send setting up operations across Europe and a real focus on scaling their enterprise FX products both here 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.
“We would like to thank all existing shareholders and team that made today’s announcement possible. 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.
When I look at the quality of the investors brought on to an already exciting register, I’m incredibly grateful. 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.
We look froward to repaying this trust and delivering an even bigger business over the next couple of years,” said Paul Billing, CEO and Co-Founder of Send.
Introducing our new investors
Shaw & Partners have taken lead to manage Send’s Series B raise. From the very first meeting, they understood the vision for Send and gave the Board a high level of confidence in not only being able to secure the funds but also the right type of investor to support the growth of the business long-term.
As a result of the partnership, Send welcomes some amazing new investors as part of this round including Regal Funds Management, Ophir Asset Management and Wunala Capital. All these funds have a focus on small cap and pre-IPO companies and have a history of supporting companies to successful listing events and beyond.