Currency exchange firm WeSwap bags £10m in Series B funding
London-based peer-to-peer travel money service will use latest funding to support product development and expansion
WeSwap, a London-based travel money service, has secured $10m in Series B funding from Ascot Capital Partners, EC1 Capital, and IW Capital.
Launched in 2013 by Simon Sacerdoti and Jared Jesner, WeSwap is a currency exchange that allows users to get a fairer rate by swapping currencies directly between each other.
It claims to charge a rate 1%, compared to the 13% typically charged by competitors.
The service now has customers across 10 countries and supports 18 different currencies.
Following a $7.5m Series A in October 2014, which saw WeSwap broaden its user base through travel industry partnerships, the start-up plans invest in the development of new products and expand into new markets.
Jesner commented: “This year we have seen thousands of users swap millions of pounds each month. Our strong focus on building a sustainable, profitable business has enabled this funding despite the uncertain climate.”
David Page, CEO of Asco Capital, said he believes “businesses such as WeSwap, with its customer centric value proposition and fast growing revenues, will be the driving force behind the UK’s continued growth.”