Expanding our holdings in iSend is consistent with our strategy of partnering with leading entrepreneurs creating innovative products. Our confidence in the iSend team was reinforced when the company reached profitability last year, ahead of schedule.
Watertown, CT (Vocus/PRWEB) March 15, 2011
iSend, LLC, a leader in international payment services today announced it has closed its Series B Preferred Stock Financing. This round of financing includes Gray Ghost Ventures on behalf of Gray Ghost DOEN Social Ventures and Village Ventures, each expanding their current holdings. iSend will use the funds to invest in international hiring and establishing additional partnerships with wireless telecom carriers and bill payment partners around the world.
Terms of the financing were not disclosed.
“Expanding our holdings in iSend is consistent with our strategy of partnering with leading entrepreneurs who are creating innovative product suites. Our confidence in Steve and the iSend team was reinforced when the company reached profitability last year, ahead of schedule. We look forward to watching the company continue to grow and replicate its current business model in even more international markets in the near future,” remarked Matt Harris of Village Ventures.
"Achieving this important funding milestone during these challenging economic times validates that the markets iSend serves are sizeable and growing. We plan to use the latest round of funding to not only advance our core mission of providing a safe, convenient and economical way for people living abroad supporting family back home, but to continue to expand globally as well," said Steven LaBella, founder and CEO of iSend. "We are excited to have secured the continued backing of such innovative and supportive investors.”
iSend’s international services include wireless phone recharge, bill payment and gift cards delivered electronically from the United States to more than twenty countries. Services are available in-person at more than 50,000 U.S. retail locations, and wireless phone “top-up” is available online at http://www.aryty.com.
“We elected to provide iSend with additional funding for several reasons. Few companies offer the mix of such important services to typically underserved consumers as iSend and the company’s cross-selling capabilities far exceeds its competitors’,” said Brian Cayce from Gray Ghost Ventures. “iSend provides practical options for improved control and cost-savings when helping family abroad “
iSend LLC is a leading provider of international electronic payments from the United States to over twenty different countries including, Barbados, Brazil, Colombia, Dominican Republic, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Montserrat, Nicaragua, the Philippines, Puerto Rico, St. Kitts, St. Lucia, St. Vincent, Trinidad & Tobago and Turks & Caicos. iSend services provide US based consumers a secure, convenient and economical solution to directly pay bills, recharge cellular phones and purchase gift cards for family members in their home countries through more than 50,000 retail partner locations. For more information, visit http://www.isendworldwide.com.