CurrencyFair operates a peer-to-peer marketplace that matches customers with inverse currency-exchange needs and passes potential savings to users. It also runs a hybrid model: for immediate transfers the company buys FX on the open market to guarantee rates, while non-urgent transfers can be listed on its p2p Marketplace. The firm emphasizes fairer exchange rates and transparent fees as a differentiator versus banks and other fintech rivals. CurrencyFair recently appointed former Unibet CMO Nils Andén to help further differentiate its service and lead marketing efforts. Financially, the company has raised further capital and faces larger, well-funded competitors in the space. Founded in 2010 and based in Ireland, the startup has raised roughly €20 million to date. CurrencyFair operates a peer-to-peer currency transfer platform that matches customers’ exchange needs to avoid unnecessary cross-border flows and reduce fees. The Dublin-headquartered company focuses on transfers between the U.K., Europe and Asia-Pacific and targets an internationally mobile workforce, retirees and foreign property owners. CurrencyFair says it is especially competitive on transfers of £2,000 or more and sometimes even beats the interbank rate. The startup will use the additional capital to expand the number of currency corridors it offers and to take advantage of growing demand for lower-cost cross-border transfers. The article frames CurrencyFair within a crowded European money-transfer market that includes competitors such as TransferWise, WorldRemit, TransferGo and Azimo. CurrencyFair is a peer-to-peer currency exchange marketplace launched in 2010 and led by CEO Brett Meyers. The platform enables individuals to obtain the best possible exchange rates for 17 currencies while avoiding expensive bank charges. Its service is widely used by expatriates working or living abroad and by individuals running businesses or purchasing property overseas. The company raised $2.5M in funding to continue growing the business. CurrencyFair plans to use the funds to roll out a number of product enhancements and new features. The company is regulated by the Central Bank of Ireland under the European Communities Payment Services Regulations 2009.

Total raised

$22M

Funding rounds

3

Latest round

Equity

Latest activity

Mar 2016