Paysend Wields Open Banking For Business Account Services

U.K. FinTech Paysend is launching a new service for corporates to access integrated banking and payment services, the result of a collaboration with open banking software company Crassula.

In a press release covered by AltFi on Wednesday (Oct. 9), Paysend announced the rollout of Paysend Connect, a business payment account that allows companies to open multi-currency business accounts, issue Mastercard corporate cards and initiate SEPA and SWIFT transfers.

For banks, Paysend Connect supports access to Crassula’s open banking technology to augment their own offerings to business customers. For businesses themselves, users can white-label a range of FinTech services into their own platforms.

“Paysend Connect removes the hassle and complexity for business owners wanting to open up a multi-currency business payment account,” said Paysend CEO Ronald Millar in a statement. “By supporting businesses to do this quickly and simply, we help them to focus on their commercial operations.”

In May, Paysend announced the launch of the Paysend app, Paysend Link, which allows consumers to use their mobile numbers to make cross-border payments. Recipients can view incoming transactions and link those transfers to a card.

In July, the company announced nearly $10.4 million in Series B funding led by GVA Capital. At the time, the company said it would use the funds to expand globally.

“At Paysend, we believe that transferring money should be as easy and immediate as sending an email, and finally the digital age is able to facilitate this,” Millar said in a statement at the time.

That funding round followed a $20 million investment in 2018 led by MARCorp Financial, which it said would be used to expand its product offering, grow its customer base and fuel global expansion.