WeSwap, a London based startup, uses an innovative way to help travellers exchange and manage currency with no intermediaries and hidden costs. So how does it do that? Simple, by allowing travellers to exchange their currencies with each other and avail the best rate possible for exchange.
The firm has gained attention after raising nearly USD 9 mn (GBP 6.5 mn) in funding in a round led by investment firm Ascot Capital Partners along with existing investors EC1 Capital and IW Capital.
WeSwap was founded in 2011 by Simon Sacerdoti and Jared Jesner and currently supports swaps into 18 currencies with members in 10 countries. It allows you to own a WeSwap card which you can credit with pounds to be exchanged with other currencies. The system then matches you with the fellow travellers willing to exchange currency you require and allows you to securely swap your currency. The leftover money at the end of the trip is retained in the card until you decide it to swap it with another currency or your home currency, that too at no extra charges !
Image Source: WeSwap
What is interesting is that WeSwap’s rival travel money startup Revolut bagged an identical amount of funding the same day.
According to WeSwap’s founder Jared Jesner, WeSwap sees thousands of users swap millions of pounds each month. “Our strong focus on building a sustainable, profitable business has enabled this funding despite the uncertain climate.”, he added.
Further, he hinted that the funding will be used to develop new exciting products, expand into new markets and new features to the core product in order to help users to stress less and travel happy.
David Page, CEO of investment firm Ascot told an online daily, “The UK has always been, and will continue to be, a world-class financial services and technology hub with world-class resources and assets: including talent, innovation, legal framework and a supportive government. There will be a period of EU negotiations over the next two years but we can be sure the UK will remain at the forefront of global innovation and entrepreneurship”.
Image Source: WeSwap
Click HERE to know more about WeSwap.