Currensea, a British FinTech company, has exceeded its crowdfunding target in a mere four hours.
The latest fundraising round on Seedrs brought in over £1.7m from 760 investors, surpassing the initial £1m goal.
This impressive financial backing values the company at £28.5m, and due to overwhelming investor interest, the funding round has been extended to accommodate additional investments. This initiative marks a strategic step forward in Currensea’s growth plans, particularly in enhancing customer acquisition efforts and further developing its co-brand offerings.
Founded by veterans of Barclays and JPMorgan, Currensea has transformed how UK travellers handle money abroad. Its unique debit card links directly to users’ existing bank accounts, eliminating the hefty foreign exchange fees typically imposed by banks. This innovation saves consumers at least 85% on every transaction made overseas.
Amidst a resurgence in travel demand, these enhancements are timely, as more consumers seek to maximize their savings amid the ongoing cost-of-living crisis. Notably, the Currensea card, now used globally every nine seconds, has already saved travellers more than £4m in foreign exchange fees.
Additional features of Currensea include its commitment to sustainability. For every £1 saved on FX fees, users can opt to fund the removal of 100 plastic bottles from oceans, with 9 million bottles already collected.
Reflecting on the successful funding round, James Lynn, co-founder of Currensea, remarked, “Consumer appetite for travel has almost fully recovered from the pandemic and the unprecedented investor demand for Currensea demonstrates the need for a simple solution that eliminates FX fees and maximises the value of our savings.
“Smashing our initial target in record time not only demonstrates phenomenal demand but also the strong investor belief in the scalability of our solution. Too many people feel ripped off by FX fees when abroad, our new investors have joined our mission to create a fairer model for travel money.”
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