Fintech Currensea has returned to Seedrs and quickly topped its £1 million initial target in under two hours, according to a note from the company.
So far Currensea has raised £1.377 million from 376 investors. The company is selling equity at a pre-money valuation of £16.5 million. The offering is EIS qualified and approved for the Secondary Marketplace. The company states that around 50% of initial investors are Currensea users.
Currensea is described as the UK’s “first direct debit travel card – empowering customers to spend abroad as they do at home, without the bank fees.” The company estimates that travellers pay about £2.7 billion in foreign exchange fees each year by using their bank cards outside the country.
Currensea enables its users to save at least 85% on every transaction abroad by removing the normal fees leveraged by banks and other card providers.
Currensea reports that cardholders growing by over 100% in 2022 and over 45,000 sign-ups.
James Lynn, co-founder of Currensea, said:
“There has been phenomenal demand amongst investors, clearly demonstrating the scalability and need for a viable solution to the foreign exchange trap that we’ve all been forced to endure for too long. The fact that so many of our customers have now decided to become shareholders via Seedrs indicates how strong the proposition is – they love the simplicity of our money-saving solution and want to contribute to a fairer travel money market. Currensea was created to provide travellers with more control over how their spend their money, finally providing a solution to the extortionate foreign exchange fees that have long seemed unavoidable.”
Currensea is returning to Seedrs having raised £930,000 in 2019 at a pre-money valuation of £10 million.
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