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CurrencyFair Springs $10.7 Million More in Funding


Q: Why is Ireland a great place to invest?
A: Because their capital is always Dublin’

Jokes aside, currency-exchange marketplace CurrencyFair received its recent $10.7 million (€10 million) in funding for a deeper reason than its Irish roots. Octopus Investments led the round and previous investor, Frontline Ventures, also contributed.

The Series A installment comes after five angel rounds, a venture round, and a seed round, and brings the company’s total funding to $15.4 million. The company plans to use the funding to expand with the growing market and broaden its focus beyond the European and Asia Pacific regions in which it already operates.

Founded in 2009, CurrencyFair functions on a P2P exchange model, whereby consumers negotiate their own exchange rate with others who seek the opposite exchange. CurrencyFair’s exchange platform occasionally beats the interbank exchange rate, since the P2P model insulates consumers from currency-exchange fees.

CurrencyFair competitor, TransferWise, has raised just over $58 million and recently announced a partnership with cloud-based accounting company Xero.

Brett Meyers is CEO and co-founder of CurrencyFair. The company debuted its iPhone app at FinovateEurope 2013 in London.