Scottish fintech Paysend to open Dublin office

Scottish payments company Paysend is set to open a Dublin office and is “in the process” of hiring a team of 30. the company was authorised by the Central Bank to issue electronic money last December.

The fintech, which operates a digital payments platform that allows consumers to transfer money internationally in 170 countries, will use its Irish office to “drive its expansion” into the European market and “expand the simple card-to-card payment service” it has developed, IDA Ireland said in a statement on Friday.

“Dublin has become a great operating hub for tech companies, with a skilled workforce and a thriving business community,” said Paysend Europe chief executive Céline Singleton, former head of payments at Ulster Bank.

“We have an excellent opportunity here to attract top talent to help drive our growth into more locations in Europe.”

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Paysend chief executive Ronald Millar said the move is a “strategic” one for the fintech having already built “an impressive global footprint” since the company was launched in 2017.

The company received an e-money licence from the Central Bank of Ireland late last year, entitling it to issue digital cash to customers and store it on their platform.

Other firms authorised under the scheme since its inception in 2018 include Facebook’s payments division, Prepaid Financial Services and UK fintech Moneycorp.

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Speaking at the launch of Paysend’s Irish expansion plan, Minister of State at the Department of Finance Jennifer Carroll MacNeill said that the company joins a “thriving export focused international financial services ecosystem in Ireland”.

She said: “Government is committed to growing the financial services sector across the country, through the Ireland for Finance strategy that I lead, and where fintech and digital finance is a key theme.”