WeSwap operates a peer-to-peer travel money exchange platform that lets consumers swap currencies directly to access lower fees than traditional providers. The company charges around 1% compared with up to 13% charged by some rivals. Founded in 2011 by Simon Sacerdoti and Jared Jesner, WeSwap is London-based and today has more than 200,000 members across 10 countries and supports 18 currencies. Over £25m has been exchanged through the platform since January 2016. The business completed a £2.4m Seedrs crowdfunding round that sold 3.98% equity to 2,961 investors. Alongside a £10m Series B in July, the new funding is intended to support expansion into new and existing markets throughout 2017, with plans to launch in Asian markets already underway. WeSwap is a p2p travel money exchange launched in 2013 by Simon Sacerdoti and Jared Jesner. The company’s core product is an app that enables members to swap and manage currency with one another and then spend it using a MasterCard accepted worldwide. The app supports members in 10 countries swapping into 18 currencies. WeSwap aims to cut out traditional airport and high-street intermediaries by facilitating direct swaps between travellers. The company plans to use newly raised funds to expand into new markets and to launch new products. It recently completed a $10M Series B financing. WeSwap is a London-based startup focused on helping travelers get better exchange rates by matching currency needs between users and delivering funds via a WeSwap Prepaid MasterCard. The company positions itself on travel rather than general remittances and charges a transparent 1% fee on transfers, with swaps free when users trade with people they already know. WeSwap currently operates in six currencies and plans to expand support to 16 currencies by the end of the year. The platform relies on a P2P matching model but will execute currency trades on the market or itself step in when no matching counterparty exists. The new capital is intended to fund launches in new markets and increase the number of supported currencies. Competitive context in the article highlights contemporaneous raises by other money-transfer fintechs, underscoring investor interest in the sector.

Total raised

$20M

Funding rounds

3

Latest round

Equity

Latest activity

Nov 2016