How they describe themselves: CurrencyFair solves the pain experienced by anyone that needs to send money abroad. Expats, overseas homeowners, and SMEs typically pay large spreads (up to 3%) and high international transfer fees of around €25 on every payment. CurrencyFair’s solution is simple: we host an online, order-driven, peer-to-peer marketplace where customers can negotiate exchange rates anonymously with other customers exchanging in the opposite direction. CurrencyFair itself, as a trusted and regulated entity, holds the funds during the transaction and ensures that all payments are sent directly and efficiently to the required beneficiary. CurrencyFair also supplies liquidity where required to ensure that transactions of any size can be executed immediately.
How they describe their product/innovation: CurrencyFair has completely upgraded its interface, further streamlining the process of peer-to-peer foreign exchange transfers. This includes a new QuickTrade feature, which quotes an ‘instant exchange rate’ for any given amount, calculated based on the weighted average of the best rates of all opposing customer orders combined with CurrencyFair’s own liquidity. This allows any amount, large or small, to be exchanged immediately at exchange rates close to, and in some cases even better than, the interbank rate.
Bus. Dev. & Press: Brett Meyers, Managing Director, firstname.lastname@example.org