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Fintech Industry Update: Paysend’s Landmark Funding and Ualá’s No-Fee Credit Card

Paysend’s Financial Milestone

Paysend’s Funding Triumph: London-based fintech company Paysend has recently secured $65 million in funding, marking a significant step in its mission to transform international money transfers for both consumers and businesses​​.

Company Expansion: Since its establishment in April 2017, Paysend has expanded its operations to over 180 countries, boasting more than eight million registered users and offering a seamless cross-border payment experience​​.

Investor Confidence: The recent funding round was led by Mastercard, with contributions from TelevisaUnivision and existing investors like Infravia Growth Capital, One Peak, and Hermes GPE Innovation Fund, demonstrating confidence in Paysend’s innovative approach​​.

Strategic Partnerships: Paysend has collaborated with global financial institutions like Mastercard, Visa, and China UnionPay. Particularly, the collaboration with Mastercard focuses on enhancing the Open Payments Network (OPN) to empower SMEs with efficient cross-border payment capabilities​​.

OPN Initiative: The OPN initiative provides near real-time transactions for SMEs, leveraging local network partners and instant payment schemes in the $133 trillion cross-border payments space​​.

TelevisaUnivision Partnership: Collaboration with TelevisaUnivision targets the lucrative USA-Latin America money-transfer corridors, increasing Paysend’s visibility within the Hispanic community in the US​​.

Technology Advancement: Paysend leverages advanced technologies for real-time transactions, setting it apart from traditional banking infrastructures and offering cost and service speed advantages​​.

Commitment to Financial Inclusion: Collaborations with Visa and other partners reflect Paysend’s commitment to serving unbanked and underserved customers, especially in cash-heavy economies​​.

Investment Significance: The $65 million funding builds on a previous $125 million Series B round in 2021, underlining Paysend’s rapid expansion and the market’s confidence in its solutions​​.

Ualá’s No-Fee Credit Card Launch in Argentina

Ualá’s Bold Move: Buenos Aires-based fintech company Ualá has introduced Argentina’s first no-fee credit card, marking a groundbreaking move in a market where such financial products are rare​​.

Company’s Mission: Founded six years ago, Ualá aims to democratize financial services in Argentina. It has recorded significant customer growth in Mexico and targets the large population in Argentina without credit cards​​.

Card Features: The Ualá credit card, operated through Mastercard and processed by Fiserv, comes with no opening, maintenance, or renewal fees, and is available in both physical and digital formats​​.

Card Benefits: Ualá’s credit card offers various benefits, including discounts and special offers on online shopping platforms, as well as incentives in its loyalty program, Ualá+​​.

Market Competition: Ualá competes with companies like Mercado Pago in Argentina but remains optimistic about becoming the largest financial player in the country​​.

Economic Challenges: Despite Argentina’s high inflation rates and interest rates, Ualá remains committed to providing accessible financial services, collaborating with Mastercard and Uilo to implement its no-fee credit service​​.

CEO’s Optimism: Pierpaolo Barbieri, Ualá’s CEO, is confident about the appeal of the new credit card and aims to expand the company’s digital banking operations in Latin America​​.

Financial Innovation: Ualá’s launch of the no-fee credit card is a major financial innovation and a bold statement in a market ripe for digital banking transformation, offering accessible financial solutions​​.

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