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.
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.”