Fintech Send Payments raises $5 million as cofounder makes way for industry veteran Matt Barr as CEO

Cross-border payments fintech Send Payments, has raised $5 million as cofounder Paul Billing steps down as CEO.

Existing backers Regal Funds Management and Kelly+Partners Investment Office once again invested with iPartners joining the cap table. 

The new funding is for continued development of the platform and its ability to turn cross-border payments into new revenue streams for Send’s enterprise partners. 

Meanwhile payments industry veteran, Matt Barr has signed on as CEO, after a 25-year career at the likes of Australian Payments Plus, eftpos, Mastercard, Telstra and  Bank of New Zealand. 

Billing as stepped away from Send’s operational side 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. 

“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.

The fintech hopes to expand its enterprise partner network with tailored products for sectors such as legal, banking and financial services, global mobility, fintech and corporate services.  

Earlier this year, Send added former Bankwest CEO Jon Sutton, now CEO of Scotpay to its board, along with early backer Lloyd Harris.

The Gold Coast fintech previously raised $5 million in a Series A in January 2022, and 13 months later, a $11.5 million Series B in early 2023. 

Founded in 2019, Send’s investors also include Shaw and Partners, UK blockchain VC G1 Ventures, Novatti Group, Polymorphic Capital, and AfterWork Ventures.