Paysend Uses NetSuite to Grow Its Cross-Border Payments Business

Why is it so hard to send money to a friend in another country when it’s so easy to message them instantly? This question led Ronnie Millar and Abdul Abdulkerimov to co-found Paysend in 2017. Today, the global payments platform serves more than 7 million registered customers in more than 170 countries. With offers for individuals, small and medium-sized business, and large corporates, Paysend is making instant, cross-border payments available anywhere, anytime, and in any currency. And their mission today is to continue to make money transfer simple for everyone.


Company

Paysend

Location

Edinburgh, UK

Industry

Financial Services

EMPLOYEES

50 to 99

Application Replaced

Xero

Other Solutions Considered

SAP
FinancialForce

NETSUITE PRODUCT IMPLEMENTED

NetSuite OneWorld

Implementation Partner

MacroFin

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“Without NetSuite, we wouldn’t have been able to take our business to the next level—from local to global and from thousands to millions of transactions a month.” Ronnie Millar, Co-Founder, Paysend

Tech Takes a UK Startup From Local to Global

Making payments possible
Paysend has disrupted the payments industry by making “card-to-card” payments possible. Linking the three largest global card players—Mastercard, Visa, and China UnionPay—allowed customers to send money across borders to each others’ credit card accounts. Since then, Paysend has handled millions of transactions, expanded from Europe into North America, launched B2B offers, and grown to employ 300 staff worldwide.
Need for insight
As Paysend grew from its UK base into varied geographies, time zones, and regulatory regimes, the business quickly became more complicated. With a range of individual business management systems working in multiple currencies, Paysend didn’t have the real-time data needed to efficiently manage finances and complete the month-end close.
Real-time analysis becomes reality
Paysend chose to consolidate its financial management processes in NetSuite OneWorld, a global business management solution that could simplify workflows across geographies more than any other vendor Paysend considered. Paysend now uses NetSuite OneWorld to centralise its financial data and run real-time analysis that helps with decisions such as which new markets to enter.
Success, security, and scale
In-depth financial analysis means Paysend can easily monitor the performance of varied products and geographies. NetSuite meets Paysend’s strict security requirements and allows staff to work from around the world in the cloud. Paysend will continue moving processes into NetSuite as it scales, with a powerful system and robust reporting assuring investors that the business is running efficiently.

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