Currency swapping platform WeSwap raises £2.4m on Seedrs
“Record-breaking” number of investors will help London company expand into new markets throughout 2017
WeSwap, the London-based travel money exchange platform, has completed a £2.4m crowdfunding campaign on Seedrs.
WeSwap gave away 3.98% equity to 2,961 investors – thought to be a record number for a single campaign – and more than doubled its initial target of £1m.
The campaign was launched in late October, with British tennis champion Andy Murray amongst the early participants.
Founded in 2011 by Simon Sacerdoti and Jared Jesner, WeSwap enables consumers to swap currencies directly between each other to access a fairer rate, claiming to charge 1% to the 13% charged by rival services.
Today, the company has more than 200,000 members across 10 countries and supports 18 different currencies. Over £25m has been exchanged through the platform since January 2016.
Alongside a £10m Series B in July, the funding will enable WeSwap to focus on expansion into new and existing markets throughout 2017, with plans to launch in Asian markets already underway.
Jesner commented: “The aim of WeSwap’s crowdfunding was to make as many of the public – people who use travel money abroad every year – part-owners of the company. We want all our investors to help shape the future of the travel money industry and attracting such high levels of support is really encouraging ahead of a year of international growth.”
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Ben Aronsten, chief marketing officer at Seedrs, said: “It has been very exciting to see how engaged the WeSwap community has been in supporting this fundraising activity and helping the company exceed its £1m target before the campaign had even opened to the public. We’re excited to be supporting an ambitious London fintech business.”