Money transfer firm CurrencyFair has raised €10 million (£8 million) in a funding round led by Octopus Investments. It is the latest in a string of money transfer companies that have raised new funds to expand their businesses, including TransferWise.

CurrencyFair's main markets are in the UK, Europe and Asia-Pacific. The latest funding round will help the firm capitalise on the expanding new sector of peer-to-peer currency transfers, and enhance and expand CurrencyFair’s existing currency markets, said the company.

CurrencyFair's CEO Brett Meyers says that sometimes the firm even beats the interbank rate. Image credit: CurrencyFair
CurrencyFair's CEO Brett Meyers says that sometimes the firm even beats the interbank rate. Image credit: CurrencyFair

Participants in the latest round include venture capital investor Octopus Investments, with participation from existing investor Frontline Ventures.

CurrencyFair offers a person-to-person currency exchange marketplace. This model, says CurrencyFair, “ensures” that it is the cheapest way to transfer amounts of £2,000 and over, and enables customers to “beat the interbank rate in money transfers on any platform”.

CurrencyFair CEO Brett Meyers said: “Customers made up of an internationally mobile workforce, retirees and foreign property owners, are regularly sending £2,000 or more in the form of pay, pensions, mortgages and rents.

“For these people we are a great match as we are virtually unbeatable over £2,000, sometimes even beating the interbank rate, which banks, brokers and other transfer services can't do.”

Rebecca Hunt, a member of the ventures team at Octopus, said: “The fintech scene is incredibly exciting at the moment, and nowhere more so than in international transfers. It’s certainly a competitive market, but we are pleased to be backing CurrencyFair and look forward to working closely with them in this next step in the business’ growth.”