Paysend, the esteemed global money transfer platform, has achieved a monumental feat by garnering an impressive customer base of over seven million users spanning across 170 countries, all while harnessing the capabilities of Oracle NetSuite.
The strategic adoption of NetSuite has empowered Paysend to orchestrate a seamless fusion of financial processes, enforce stringent controls, gain a comprehensive overview of its multifaceted operations, and successfully facilitate its rapid worldwide expansion.
In a pivotal turn of events, Paysend secured a substantial funding injection of $125 million in 2021 to steer its trajectory beyond European borders and diversify its offerings to encompass innovative B2B services.
However, as the scope of its operations surged, the limitations of its existing financial systems became evident, with month-end procedures extending to over 90 days. In response to these challenges and to fuel its evolutionary journey, Paysend made a resolute choice to implement NetSuite, encompassing the robust NetSuite OneWorld solution, as its global business management suite.
Ronald Millar, the co-founder and CEO of Paysend, articulated the significance of this transformative move, stating, “NetSuite has rendered the day-to-day operations smoother for our dedicated workforce by minimizing the time allocated to operational tasks and dismantling obstacles that hinder expansion.”
The incorporation of NetSuite has bestowed upon Paysend a dynamic financial control center, enhancing its ability to unify and automate global financial undertakings across diverse regulatory landscapes and a plethora of currencies. A case in point is Paysend’s streamlining of financial reporting, augmented forecasting capabilities, alignment with tax and reporting obligations across its international subsidiaries, and establishment of rigorous internal controls for expenditure and audit trail.
Furthermore, the comprehensive financial analysis afforded by NetSuite has furnished Paysend with the means to minutely track the performance of its product lines and geographic sectors. These insights have served as compass points for strategic decision-making and as testimonials to operational efficiency for prospective investors.
“Powered by the bedrock of NetSuite, Paysend has not only expanded its reach to encompass a colossal customer base, but also cultivated a scalable infrastructure primed to accommodate its burgeoning international aspirations,” Nicky Tozer, Senior Vice President for EMEA at Oracle NetSuite, said.
