- Crowdfunding goal has increased so that private investors can continue investing in Currensea fintech via the Seedrs platform
- Strong Customer Support: Nearly 50% of investors use Currensea’s Cheap Travel Card
- This round of investment is a critical step for Currensea to deliver on its growth plans and acquire 300,000 users over the next two years.
Fintech Curnesia exceeded its crowdfunding goal in less than two hours after launching on the Seedrs platform. Currensea, a cheap travel card linked to existing checking accounts, has already raised £ 1.35 million from over 350 investors, 135% of its initial target.
Due to strong demand, Currensea has re-evaluated its crowdfunding target and is currently continuing to accept investments from UK investors for a short time on the Seedrs platform: https://www.seedrs.com/currensea2. There is a minimum investment of £ 11. Currently, nearly 50% of the initial investors via Seedrs are already Currensea users demonstrating strong customer advocacy for the card.
This crowdfunding campaign comes as the travel industry is returning to pre-pandemic normalcy with two years of pent-up demand causing huge spikes in overseas travel. But at the same time, the cost of living crisis means UK travelers need to make sure their spending extends further and Currensea exists to put an end to travelers facing high exchange fees from banks when spending at the abroad.
Currensea estimates that UK travelers currently spend £ 2.7 billion on foreign exchange fees each year using their bank cards overseas. In total, UK international card spending stands at £ 79 billion per year according to UK Finance.
Currensea allows card users to save at least 85% on every overseas transaction by removing the normal fees charged by banks and other card providers. For example, a user who spends $ 1500 in the US would save £ 40 by using Currensea instead of their credit card. Likewise, an average family of four spending a seven-day holiday in Spain could save £ 160 by using the Currensea card.
Currensea uses open banking to securely connect to someone’s bank account with their approval, allowing travelers to transact overseas directly from their checking account funds, without having to open a new account.
Currensea has seen rapid growth this year with cardholder numbers growing by over 100% in 2022 and over 45,000 signups. This latest fundraiser brings the total amount raised to £ 6.5 million since launch.
The amount raised through this crowdfunding round will support further hiring of seniors and drive an increase in customer acquisitions to meet fintech’s goal of acquiring 300,000 users over the next two years.
James Lynn, co-founder of Currensea, comments: “There has been phenomenal demand among investors, which clearly demonstrated the scalability and need for a viable solution to the foreign exchange trap that we have all been forced to endure for far too long.
“The fact that so many of our clients have decided to become shareholdersvia Seedrs indicates how strong the proposal is: they love the simplicity of our money-saving solution and want to contribute to a fairer travel money market. “
“Currensea was created to give travelers greater control over how they spend their money, finally providing a solution to the extortionate foreign exchange fees that have long seemed inevitable.
Currensea users can also support fintech sustainability initiatives: users can choose to plant a tree for every 8p saved or remove 100 plastic bottles from the ocean for every £ 1 saved in exchange fees. Since launch, users have helped plant 50,000 trees and removed 750,000 bottles from the ocean.
* Based on an average total spend of € 4,775 (including flights and accommodation).
Robyn Margetts / Sean Cope: [email protected]
British FinTech Currensea allows consumers and SMEs to make purchases from or while abroad, without the exchange fees normally charged by banks.
Thanks to the use of Open Banking technology, Currensea’s debit card works with your existing bank account, so you don’t have to worry about inconvenient prepaid cards and accounts in different currencies.
Founded by Barclays and JPMorgan alumni in 2018, Currensea has since amassed more than £ 5 million in funding, became the world’s first card-based payment instrument (CBPII) issuer and launched its proposals for consumers and businesses in the 2020.
He was recently named a finalist in the innovation category of the 2021 British Bank Awards and won Leading Financial Services or Payments Startup at the 2020 Emerging Payments Awards. He was also recently certified Carbon Neutral by Carbon Neutral Britain. You can find out more about Currensea here: https://www.currensea.com
Currensea Secures £ 1.35m Seed Follow On Investment Through Seedrs – UK Technology Investment News
Source link Currensea Secures £ 1.35m Seed Follow On Investment Through Seedrs – UK Technology Investment News