LONDON, November 1, 2013 /PRNewswire/ --
CurrencyFair, the world's first peer-to-peer currency exchange marketplace, today announced a $2.5 million investment made by Frontline Ventures, a pioneering early stage venture capital firm and a number of prominent Angel investors.
The investment will be used to support the continual growth of the business with future plans to roll out a number of significant product enhancements and new features that will provide customers with a superior service.
Since launching in 2010, CurrencyFair has secured more than $4 million in funding and transferred over £500 million globally for its customers, saving them an estimated £20 million in bank fees.
CurrencyFair's peer-to-peer currency exchange allows individuals to cut out the 'middle-man' to obtain the best possible exchange rate for 17 currencies, whilst avoiding expensive and often hidden bank charges. The service is widely used by expatriates working or living abroad and individuals running a business or purchasing property overseas.
Brett Meyers, CEO of CurrencyFair said: "The banking industry is going through the most significant disruption for years and CurrencyFair is at the forefront of the revolution. We allow our customers to take control of how they transfer their funds and save them money at the same time. We are very pleased to have secured $2.5 million funding from Frontline Ventures and several prominent angel investors, as the investment will provide us the opportunity to increase our awareness amongst our potential customer base and further develop and enhance our platform to ensure we continue to offer the best quality service to our customers."
Will Prendergast, Partner with Frontline Ventures said: "We first discovered Currencyfair when we became users of the service for both personal and business transactions. We found the offering so compelling that we moved to an investment and are very excited about the future for this company."
CurrencyFair is the world's first peer-to-peer foreign exchange marketplace. CurrencyFair customers are able to exchange funds and transfer them overseas at a fraction of the cost of traditional banks or brokers, due to its unique and innovative p2p model. CurrencyFair was incorporated in April 2009, and went live online at the start of May 2010. Since then, thousands of customers have been served, saving them millions of Euros in bank fees and exchange rate charges.
Based in Dublin, Ireland, CurrencyFair is regulated by the Central Bank of Ireland under the European Communities Payment Services Regulations 2009. CurrencyFair Australia is regulated by ASIC, the Australian Securities and Investments Commission.