CurrencyFair Raises €10 Million in Investment Round
PRESS RELEASE:CurrencyFair, World’s Leading Person-To-Person Currency Exchange Marketplace, Raises €10 MillionThe dominant person-to-person currency transfer platform operating in the £2k plus marketplace, secures €10 million round investment led by Octopus Investments.CurrencyFair has today announced it has raised a €10 million funding round, led by Octopus Investments.
The First Platform in the World to Break the $1 billion Barrier
CurrencyFair was the first platform in the world to break the $1 billion barrier in money-matching transfers early last year. Since then, their growth has accelerated month-on-month across their main currency corridors between the UK, Europe and Asia-Pacific.
This latest funding round will help capitalise on the expanding new sector of peer-to-peer currency transfer, and enhance and expand CurrencyFair’s existing currency corridors. Participants in the round include venture capital investors Octopus Investments (‘Octopus’) with follow on from existing investors Frontline Ventures.
Customers worldwide are increasingly migrating away from using traditional banks – where they pay non-transparent and expensive currency exchange charges – towards the wave of new fintech platforms. CurrencyFair remains the only true person-to-person currency exchange marketplace. This unique model ensures that it is the cheapest way to transfer amounts of £2,000 and over, and that it is the only way customers can beat the interbank rate in money transfers on any platform.
Speaking on the announcement CurrencyFair CEO Brett Meyers said: “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. These customers, made up of an internationally mobile workforce, retirees and foreign property owners, are regularly sending £2,000 or more in the form of pay, pensions, mortgages and rents. 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.”
Rebecca Hunt, a member of the Ventures team at Octopus, said: “The fintech scene is incredibly exciting at the moment, and nowhere more so than in international transfers. It’s certainly a competitive market, but we are pleased to be backing CurrencyFair and look forward to working closely with them in this next step in the business’ growth.”
CurrencyFair is the world’s fastest growing peer-to-peer foreign exchange marketplace. Its 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 ‘Money Matching’ model. CurrencyFair has served tens of thousands of customers saving them hundreds of millions of dollars in bank fees and exchange rate charges.
A service widely used by expatriates working or living abroad and individuals running a business or purchasing property overseas, CurrencyFair’s peer-to-peer currency exchange or ‘Money Matching’ allows individuals to cut out the ‘middle-man’ to obtain the best possible exchange rate for 16 currencies, whilst avoiding expensive and often hidden bank charges.
Capitalising on Peer to Peer Exchange Market
CurrencyFair became the first platform in the world to break the $1 billion barrier in money-matching transfers, cementing its position as the world’s leading peer-to-peer international transfer service. CurrencyFair’s average fee is currently 0.35%, compared to rates from 2% to 5% at PayPal, Stripe, VISA and larger banking institutions.
About Octopus Investments
Octopus is a venture capital investor who backs talented people with the potential to build big businesses. Our focus is on identifying entrepreneurs and fast growth companies that can scale explosively to create, transform or dominate an industry. The Ventures team has a proven track record of helping build exceptional global businesses, including Zoopla Property Group, Secret Escapes, SwiftKey, graze.com and YPlan.
The Ventures team is part of Octopus Investments, one of the UK’s leading investment management companies specialising in smaller company investing, with more than £5 billion of funds under management. For more information, see: www.octopusinvestments.com
About Frontline Ventures
Frontline Ventures is an early-stage venture capital fund that invests in software and Internet entrepreneurs across Europe. The fund is managed by partners Shay Garvey, Will Prendergast, and William McQuillan from offices in London and Dublin. Notable investments include Logentries, Qstream, and Boxever.
For interviews contact:
Paul Hayes, Beachhut PR, email@example.com, +353 876209823
Brett Meyers, CurrencyFair, firstname.lastname@example.org, +353 872277741
This press release is issued by Octopus Investments Limited which is authorised and regulated by the Financial Conduct Authority for use by journalists in their professional capacity and should not be relied upon by retail clients. The value of investments, and the income from them, may fall or rise. The information in this document should not be construed as offering investment or tax advice.