This week, UK-based fintech startup, WeSwap, announced plans to launch an equity crowdfunding campaign after raising $6.5 million in seed funding from Ascot Capital Partners, EC1 Capital and existing investors IW Capital.
WeSwap, which was founded in 2011 and opened to the community in 2013, uses P2P swapping model, has members (i.e. travelers) in 10 countries and supporters swaps (purchases and cash withdrawn) in 18 different currencies. The company stated its mission is to help travelers swap and manage currency in the cheapest, fairest and most transparent way possible.
Founder and CEO of the company Jared Jesner shared WeSwap is meant to solve the issues that ordinary currency exchanges have.
“I founded WeSwap to make currency cheap and fair for ordinary people. It seems mad to me that we ‘buy’ money when we should just be swapping.”
During a recent interview, Jesner stated that funds would be used to continue the expansion of the platform’s network. He commented:
“There’s a huge amount of opportunity in this space P2P is not a gimmick. Being able to really buy from people instead of banks is hugely beneficial as it provides significant lower costs. What we’re really looking for is someone who can help us scale across the world faster – bring us to more countries and customers.”
But then Jesner added the expansion process might take some time. He did not reveal when the forthcoming crowdfunding offer would launch.
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