Travel money transfer platform WeSwap closes £8m Series B funding round led by IW Capital, to aid Asian market expansion.
UK-based WeSwap provides users with a card, which can be loaded up with money from a debit card or online bank account. The funds are swapped with other travellers that have a different currency, ensuring everyone gets the fairest rate, at low fee prices. Once money has been exchanged, the card is useable anywhere Mastercard is accepted.
This new wave of equity will not only support growth into the Asian market, but also with the launch of a new service for businesses. The new offering allows employees to receive exiting benefits for all corporate travel.
WeSwap has a host of new features it looks to implement next year including a budgeting tool, exchange rate tracker, app UX rollout and the ability to transfer money to family and friends. The final new service is a ‘smart swap’, which will aid exchanges when the rates are best.
IW Capital CEO Luke Davis said, “WeSwap is an excellent example, not only of the benchmark innovation the UK’s fintech sector has to offer, but also of how a strategic combination of debt, equity and private investment – when timed efficiently – can result in a truly outstanding SME growth story.”
The round of funding follows a successful crowdfunding round which raised around £2.4m from 3,500 investors. The new round of equity brings total capital raised to around $16m, with company picking up $6.5m in a Series B last year.
Earlier this year the company also launched a range of new services including a next-day cash delivery and ‘borrow as you spend’.
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