Paysend drives global expansion with Oracle NetSuite

By Gloria Methri

Global money transfer platform Paysend has announced that it grew to over seven million customers across 170 countries while running on Oracle NetSuite.

NetSuite provided Paysend with an integrated business suite to automate financial processes, implement strict controls, gain a holistic view of its operations, and support its rapid global expansion.

Paysend was founded in 2017 with a mission to simplify cross-border payments, connect people and businesses, and increase financial inclusion globally. In 2021, the company secured $125 million in funding to expand beyond Europe and create new B2B services. As its operations grew, Paysend’s existing financial systems struggled to keep pace, with month-end processes taking more than 90 days.

To support its growth, consolidate its financial management processes, and centralise its business-critical information to enable real-time analysis and decision-making, Paysend selected NetSuite, including NetSuite OneWorld, as its global business management suite.

Ronald Millar, co-founder and CEO, Paysend said, “NetSuite has made the day-to-day easier for our people by reducing the time we spend on operational work and eliminating barriers to growth. Without NetSuite, we would not have been able to take our business to the next level – from local to global and from thousands to millions of transactions each month. The best part is we’ve only just scratched the surface of what we want to do.”

NetSuite has helped Paysend streamline financial reporting, improve forecasting, support its tax and reporting requirements across its subsidiaries around the world, and implement robust internal controls for spend and auditing. In addition, the in-depth financial analysis within NetSuite has enabled Paysend to easily monitor the performance of its product lines and geographies in granular detail.

“The remittance industry is big business. As more people use financial platforms to pay for goods and services and to pay one another, there is a huge opportunity for innovators like Paysend,” said Nicky Tozer, SVP, EMEA, Oracle NetSuite. “With NetSuite at its core, Paysend has been able to rapidly and efficiently expand its business to seven million plus customers and has a scalable platform to support its continued international growth.”