Paysend joins a crowded field of cross-border payments competitors that are increasingly tapping new payment rails for faster cross-border services. Offering remittances services for migrants sending payments to family and friends in other countries is where most of the rivals are focusing their services.

Remitly, Ramp and Dandelion are some of the newer players in the arena, but legacy names like MoneyGram and Western Union are souping up services too.

“The U.S/LATAM market is a top priority for Paysend, serving the 62M Hispanic population based in the U.S., representing 20% of the overall population,” the company said in the Tuesday release.

Paysend is also launching its offering for SMBs in the U.S. after having just started such services for its U.K. customers last year. “We know that cross-border payments can be a pain point for many small and medium-sized businesses, and we’re committed to making it simple and affordable for them to manage their finances globally,” Ashley Mallett, Paysend’s head of the business-to-business division, said in the Thursday press release.

The company has started with about 10 employees in the U.S. and plans to double that headcount by next year, the spokesperson said. The new Miami office is led by Jairo Riveros, who is the company’s chief strategy officer and managing director for the U.S. and Latin America.

By Lynne Marek on May 12, 2023
Original link