The $2.5 million investment, which includes participation from angel investors along with Frontline Ventures, brings CurrencyFair’s total capital to $4.8 million.
CurrencyFair co-founder and managing director, Brett Meyers said, “We allow our customers to take control of how they transfer their funds and save them money at the same time … (T)he investment will provide us with the opportunity to increase our awareness amongst our potential customer base and further develop and enhance our platform …”
CurrencyFair has processed more than £500 million since the service was launched in 2010. Enabling individuals to conduct currency exchange with each other, rather than involving a costly “middleman”, CurrencyFair estimates that it has saved consumers £20 million in bank fees and exchange costs.
“A customer and an investor” is how Frontline Ventures characterized its relationship with the P2P currency exchange specialist in a tweet on Friday. Said Frontline Ventures partner, Will Prendergast, “We found the offering so compelling that we moved to an investment and are excited about the future of this company.”
CurrencyFair is headquartered in Dublin, Ireland, and won “Best of Show” at FinovateAsia 2012. The company was last on the Finovate stage in February, presenting their iPhone app. See the demo here