Send Payments, a cross-border payments fintech, has raised $5 million while cofounder Paul Billing steps down as CEO.
The funding round saw support from existing investors Regal Funds Management and Kelly+Partners Investment Office, with iPartners joining as a new backer. The money will be used to develop Send’s platform further and help enterprise partners create new revenue streams from cross-border payments.
Matt Barr, a payments industry veteran with over 25 years of experience at companies like Australian Payments Plus, eftpos, Mastercard, Telstra, and Bank of New Zealand, has been appointed as the new CEO.
Billing is stepping back from daily operations for personal reasons.
Barr said the new investment is validation of the strength of Send’s offering.
“The growth Send has experienced to date is nothing short of incredible,” he said.
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“The cross-border payments landscape is rife with complexity and risk, especially for enterprise businesses looking to embed international payments into their existing offering. Send has managed to simplify the whole process with intuitive, scalable and secure technology solutions that seamlessly integrate into existing systems.”
iPartners head portfolio manager Justin Harse said their investment in Send was driven by the company’s growth potential and ability to blend technological capability with human care.
“Our recent investment in Send is an exciting addition to our Emerging Equity Fund,” he said.
“Send’s ability to provide both enterprise-grade performance and high-touch customer service is unrivalled.
Fintech plans to grow its network of enterprise partners by offering customized products for industries like legal, banking, financial services, global mobility, fintech, and corporate services.
Earlier this year, former Bankwest CEO Jon Sutton (now CEO of Scotpay) joined Send’s board, along with early investor Lloyd Harris.
The Gold Coast-based startup had earlier raised $5 million in Series A funding in January 2022, followed by $11.5 million in Series B funding in early 2023.
Founded in 2019, Send’s investors include Shaw and Partners, UK blockchain VC G1 Ventures, Novatti Group, Polymorphic Capital, and AfterWork Ventures.
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