UK-based FinTech releases 2019 report after record 2020 growth
UK-based global FinTech payments group Paysend has today released its Annual Report and financial statements for the year ending 31st December 2019.
The report details the financial position of Paysend a matter of months before the Covid-19 pandemic and, in that period, it saw revenue grow by a 3.5 times multiple from 2018, up from £4.3 million to £15.1 million. The company had strong growth in both the B2C and B2B divisions of its business. The number of customers grew at 20% per month and ended 2019 at 1.3 million.
This was achieved by Paysend’s global expansion – it is now regulated in 45 countries and can deliver payments to over 90 countries – and by the quality of its service. Paysend has a leading Trust Pilot score for its sector. The B2B business, which focusses on the online SME market, also had strong growth in the year with revenue up 39% from 2018. Paysend continued to invest in its growth and the number of employees increased from 36 to 142.
Since the financial year end 2020 has been a year in which many FinTech firms struggled. Paysend has however managed to strengthen its position with its purely digital services ideally suited to the rapidly changing consumer and SME market. The number of customers has grown from 1.3 million to over 2.8 million in 2020 and the company is planning further expansion in 2021.
“The global pandemic has caught us all by surprise and companies like us have had to adapt quickly to changing customer requirements.,” Ronnie Millar, Paysend CEO said. “We have enormous faith in the quality of our technology, and the strong relationships we have with our customers. We have continued to connect people all over the world as part of our global payments network, be they consumers or businesses.”
“Our growth in customer numbers is reflective of the hard work we’ve put in this year behind the scenes, and we will continue to drive forward with innovation and geographic expansion into 2021.”