CurrencyFair, a digital peer-to-peer currency exchange marketplace, has announced that it has raised €10 million in a bid to compete with established firms.
The Dublin-based start-up, which received funds from Octopus Investments and regular partner Frontline Ventures, are going to use the new revenue stream to compete with established currency exchange firms like Western Union.
This investment represents a dynamic shift away from traditional currency exchange platforms. CurrencyFair was formed by three former investment bankers, who like many customers today grew tired of paying confusing and expensive currency exchange charges.
Presently CurrencyFair operate in the U.K, Europe and Asia-Pacific and were the first platform to break the $1b threshold last year in money transfers. The group are now looking to expand into new territories with this new investment.
‘‘The money transfer sector has seen a lot of attention recently, with customers beginning to realise the high fees charged by banks when sending money internationally,” said CurrencyFair CEO Brett Meyers. “For these people we are a great match as we are virtually unbeatable over £2,000, sometimes even beating the interbank rate, which banks, brokers and other transfer services can’t do.’’
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