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Sydney-based cross-border payments provider Send Payments has raised $5 million and announced a new CEO after co-founder Paul Billing stepped down from the role.
The latest funding round was backed by new investors, including iPartners, as well existing investors such as Regal Funds Management and Kelly+Partners Investment Office, with the fresh capital being used to support Send Payments’ growth objectives and further develop its product suite.
It follows a $11.5 million Series B round at the end of 2023 by the group to scale operations and access opportunities in Australia and Europe.
The capital raising announced today has coincided with the appointment of payments industry veteran Matt Barr as CEO of Send Payments to replace Billing who is stepping aside from an operational role for personal reasons.
Barr brings to the role more than 25 years' experience leading product development, commercial success and innovation at some of the region's most successful businesses including Australian Payments Plus, Eftpos, Mastercard, Telstra and Bank of New Zealand.
In taking on the role, Barr has acknowledged the contribution of Billing who he says “remains a big supporter of Send” despite relinquishing his hands-on role with the company.
“The growth Send has experienced to date is nothing short of incredible,” says Barr.
“I look forward to leading Send through its next phase of growth in collaboration with our board, executive leadership team and the immensely talented team at Send who have made it what it is today.”
Send Payments was founded in 2019 by Billing, Ian Cragg and Alexandra Rofe, the latter having made this year’s Top 100 Young Entrepreneurs list.
The fintech is disrupting the foreign exchange industry by providing lower-cost digital payment solutions for businesses and consumers looking to move money internationally.
Send Payments supports more than 23,000 end consumers and 1,100 corporate customers, operating on a B2B2C model. The company is now focusing on becoming an enterprise partner for companies with complex FX needs.
“The cross-border payments landscape is rife with complexity and risk, especially for enterprise businesses looking to embed international payments into their existing offering,” says Barr.
“Send has managed to simplify the whole process with intuitive, scalable and secure technology solutions that seamlessly integrate into existing systems.”
Barr notes that both iPartners and Regal Funds Management, who backed the latest funding round, are known for supporting digital disruptors and high-growth businesses.
“It is incredibly encouraging to see continued support from our existing investors and to welcome new investors into the fold,” he says.
“This is firm validation of the strength of Send’s offering and how we are meeting the needs of enterprise businesses looking to offer cross-border payments to their customers.”
Justin Harsel, head portfolio manager at iPartners, sees Send’s growth potential and its “unique ability to blend technological capability with human care” as the rationale for the investment.
“Our recent investment in Send is an exciting addition to our Emerging Equity Fund,” says Harsel.
“Send’s ability to provide both enterprise-grade performance and high-touch customer service is unrivalled. We are thrilled to be supporting this raise and look forward to watching the next phase of growth unfold.”
In the year ahead, Send Payments plans to expand its enterprise partner network by tailoring its products to key sectors such as legal, banking and financial services, global mobility, fintech and corporate services.
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