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.