Money transfer platform Paysend has raised £8.5m in a Series B funding round led by GVA Capital and a crowdfunding campaign on investment platform Seedrs.

GVA pumped in £3.95m, while Seedrs infused £4.6m.

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The Seedrs round had the participation of Plug and Play and Digital Space Ventures, among others.

The new funds will be used to support the global expansion of the platform.

Paysend CEO Ronald Millar said: “At Paysend we believe that transferring money should be as easy and immediate as sending an email, and finally the digital age is being able to facilitate this.

“Our vision is to focus on a service offering around pay, hold and send money in order for customers to enjoy their hard-earned cash.

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“This funding round has been the next step in our journey to create money for the future, and we’ve been delighted that we’ve been about to open it up to our customers in order to give them the opportunity to join us on the exciting next phase of the Paysend journey.”

At the same time, Paysend unveiled a stablecoin dubbed Pays XDR.

The stablecoin is backed by US Dollar, Euros, Pounds Sterling, Japanese Yen, and Chinese Yuan.

Earlier this year, Paysend was in the news for launching a service called PaySendLink that requires only the recipient’s mobile phone number to make cross-border money transfers.