Nearly three years after securing more than £2.4 million through its previous equity crowdfunding campaign on Seedrs, UK-based fintech startup, WeSwap, has returned to the funding portal to raise £2.3 million.
As previously reported, 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company uses P2P swapping model, has members (i.e. travelers) in 10 countries and supporters swaps (purchases and cash withdrawn) in 18 different currencies.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. It was also noted that as of June 2019, WeSwap has more than 500,000 users who have exchanged more than £255 million, and spent in 197 countries and territories worldwide.
“The WeSwap app and Mastercard lets customers swap currency with other travellers through our peer-to-peer technology, spend money globally, track rates and send money to friends. Last year, we also grew our portfolio of new travel money products – including buyback, next day cash delivery and transfers (beta) – which have increased and diversified revenue streams. In December 2018, WeSwap established its suitability for an IPO on AIM.”
In regards to what the latest Seedrs campaign’s funds will be used for, WeSwap also noted it plans to focus on the following:
- Launching in new international markets: WeSwap hopes to launch in a brand new country before the end of the year.
- New products: WeSwap’s card, app and cash delivery service are now well established in the UK.
- New partnerships: WeSwap is partnering with some great travel providers. We’re investing in this area even more in 2019 and beyond
The use of proceeds is set out below:
- Development – 20%
- Product & UX – 6%
- Compliance (inc. Sign up) – 13%
- Banking Operations – 12%
- Marketing – 41%
- Customer Support – 8%
The campaign is set to close in September.
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