WeSwap, peer-to-peer travel money wallet, hailing from London, has raised Series B of $10 million.
The funding round was led by Ascot Capital Partners, which was additionally supported by EC1 Capital and existing investors IW1 Capital.
The funding round was followed by the immediate announcement of Revolut’s raise bagging $8 million from venture capitalists. Both the deals show that the market for fintech- financial technology is still thriving despite UK’s decision to leave the European Union.
David Page, CEO of investment firm Ascot Capitals affirmed his decision, “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”.
WeSwap’s platform lets the travellers exchange money directly with other fellow travellers so they can purchase corresponding currency. The website takes about a percent cut of exchanges which is comparatively lower than what foreign exchange brokers charge. WeSwap also provides a prepaid card linked to its app that allows people to spend their money abroad.
WeSwap CEO and founder Jared Jesner commented, “This year we have seen 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. The funding enables us to develop exciting new products, expand into new markets and continue to bring new features to our core product – all designed to help our users to stress less and travel happy”.
The announcement came after the company wrapped up Series A in October 2014 and now claims to have services spread across 10 different countries.
Source: Business Insider