Peer to peer currency exchange platform WeSwap has secured ￡8 million in series B funding.
Its primary investor is Mayfair-based private equity firm IW Capital and the money will help WeSwap expand into the Asian market and increase its corporate offering.
Around ￡100 million in currency has been exchanged between 300,000 users via WeSwap since it launched in 2015.
The series B funding round follows its crowdfunding campaign, which saw 3,500 people invest in the platform – which has partnerships with more than 30 businesses in the travel industry.
Recent launches include a next-day cash delivery service and a credit offering that is held at 0% for the first 30 days, allowing users to borrow as they spend.
Throughout the end of the year and the start of 2018, WeSwap plans to introduce a budgeting tool to help users plan their travel spending, a rate tracker to allow users to track exchange rate fluctuations, a “smart swap” feature that aids users in exchanging when the rates are strongest, a new app UX rollout and the ability to transfer and send money to friends and family.
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