Irish start up CurrencyFair reports over €1 million in savings for its customers since launching in May 2010
The high street banks' profitable stranglehold on foreign exchange transactions continues to be challenged by Irish start-up CurrencyFair. The company hosts the world's first ever person to person foreign exchange marketplace and has delivered on its promise to return the huge swathes of charges, commissions and spreads that banks currently grab to the customer. Since launching in May 2010, CurrencyFair’s customers have saved over €1 million when comparing their rates with typical Bank exchange rates.
The company is also in the process of completing a €670,000 funding round with a portion of this investment coming from Enterprise Ireland. Commenting on the company success plans Jennifer Condon, Enterprise Ireland Divisional Manager, said: “High potential start-ups such as CurrencyFair are the core of Ireland’s vibrant entrepreneurial sector, creating products that add value for customers across the globe. This announcement by CurrencyFair is a fine example of this strategy in action and we look forward to working closely with CurrencyFair in further developing their business.”
CurrencyFair clients are able to exchange straight away with other customers at exceptional rates, or place their own trade on the marketplace at a better rate and wait to see if another client matches them.
This unique business model enables the company to offer compelling value for retail customers and attractive unit economics. Banks and brokers usually require telephone or branch orders and will price discriminate. CurrencyFair’s customers are exchanging at rates usually only otherwise available to multinationals and money market professionals dealing in millions, no matter how small the transaction. In some cases users have even been getting a better rate than the interbank midpoint.
"We've all seen how the peer-to-peer model has revolutionised betting. Now, after several years of work, we've applied that peer-to-peer concept to currencies," says CurrencyFair founder Brett Meyers. "But, of course, here there is no gambling and the only organisations that risk losing are the banks and specialist brokers. CurrencyFair challenges their lucrative profiteering and hands it back to businesses and consumers."
ENDS
For interviews contact Brett Meyers on +353 (0)1 244 9585 or brettmeyers@currencyfair.com. Download high res photos and further information including fact sheets, user stories and pre-recorded interviews here: www.currencyfair.com/media-centre.
About CurrencyFair
CurrencyFair is the world's first peer-to-peer foreign exchange marketplace. CurrencyFair customers are able to exchange funds and transfer them overseas at a fraction of the cost of traditional banks or brokers, due to its unique and innovative p2p model. CurrencyFair was incorporated in April 2009, and went live online at the start of May 2010. Since then, thousands of customers have been served, saving them millions of Euros in bank fees and exchange rate charges.
Based in Dublin, Ireland, CurrencyFair is regulated by the Central Bank of Ireland under the European Communities Payment Services Regulations 2009. CurrencyFair Australia is regulated by ASIC, the Australian Securities and Investments Commission.
