Just days after launching its latest equity crowdfunding efforts on Seedrs, UK-based fintech startup, WeSwap, has successfully secured its initial £2.3 million funding target from more than 1,000 investors. The funding round comes nearly three years after WeSwap secured more than £2.4 million through its previous Seedrs round.
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company uses P2P swapping model, has members (i.e. travelers) in 10 countries and supporters swaps (purchases and cash withdrawn) in 18 different currencies.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 is on a 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.”
Funds from the now successful Seedrs campaign will be used for the following:
- 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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