On Wednesday, UK-based fintech startup, WeSwap officially launched its equity crowdfunding campaign publically on Seedrs. The company successfully secured well over its £1 million funding target from more than 1,800 investors during the initiative’s pre-registration.
WeSwap was founded in 2011 and opened to the community in 2013. The company uses P2P swapping model, has members (i.e. travelers) in 10 countries and supporters swaps (purchases and cash withdrawn) in 18 different currencies.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.
The campaign’s debut comes just a few months after WeSwap secured a second round of funding, totaling £6.5million, led by investment firm Ascot Capital Partners and backed by existing investors EC1 Capital and IW Capital. The company stated it is seeking to help democratize travel money exchange. Over the past 12 months, WeSwap has reportedly grown by a massive 204%, welcoming over 200,000 new users to the WeSwap community. Since its launch, WeSwap has swapped tens of millions of pounds and has this year saved its users £1.2million on typical high-street currency exchange fees and commissions.
Founder and CEO of the company Jared Jesner recently stated he found WeSwap to make currency cheap an fair for ordinary people. He noted:
“We’ve had an amazing year at WeSwap and we’re very excited to be inviting our travellers to become an even greater part of our future as part-owners of the business. We’ve built the technology, but without travellers swapping currency there is no WeSwap. So we want to invite our community to help us develop and grow the platform, and have the opportunity to share in the success they too helped to create.
Jeff Lynn, CEO, Seedrs, added:
“I think WeSwap is an exciting innovator within the fintech sector and the sharing economy, and they offer a product that has clearly proved popular with their users. We are delighted to welcome WeSwap onto the Seedrs platform and look forward to the success of their fundraising campaign.”
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