Open-Source P2P Currency Exchange CurrencyFair Secures €8 Million

Journalist:
Lester Coleman
March 31, 2016

CurrencyFair, an open-source, peer-to-peer, international currency exchange with offices in the U.K., Ireland and Australia, has raised an additional €8 million and announced a new chief marketing officer.

The new funding brings the total investment in CurrencyFair to more than €20 million. Proxy Ventures, a venture capital firm, led the new funding, along with Octopus Ventures and Frontline Ventures, all of which are London-based.

A New ‘Forex Powerhouse’

“On the back of big savings and great service, CurrencyFair has grown into a smart forex powerhouse we love using ourselves,” said Aapo Bovellan, a partner in Proxy Ventures. “With a huge amount of currency traded to-date, we now believe it is the time to build mindshare with a global brand to match.”

CurrencyFair helps foreign property owners, expats, students and subject matter experts (SMEs) exchange funds and transfer them overseas for lower fees than banks and brokers charge. The exchange claims it has served tens of thousands of customers.

Lower Currency Transfer Fees

CurrencyFair said its average fee is 0.35% compared to rates ranging from 2% to 5% for VISA, Stripe, PayPal and banks.

Nils Anden, former chief marketing officer at Unibet Group PLC, a European online gambling operator, has assumed the role of chief marketing officer at CurrencyFair. At Unibet, he oversaw a marketing budget of more than £100 million and a team of 150 serving 20 territories. The team boosted its market cap from £300 million in 2010 to £2 billion in 2015.

Anden said CurrencyFair is the first platform to surpass $1 billion in transfers.

“We are delighted to have appointed Nils and to have gained a new partner like Proxy Ventures in this funding round,” said Brett Meyers, CEO of CurrencyFair. “We are the only true peer-to-peer currency exchange platform and attracting people of the quality of Nils and the team at Proxy Ventures is a validation of the brilliant product and marketplace we have built. Working with them will help us further develop our brand and the industry as something people and businesses can trust to save them money. Peer-to-peer currency exchange is approaching widespread adoption and now needs a more mature voice.”

Featured image from Shutterstock.

Last modified (UTC): March 31, 2016 12:31

Lester Coleman

Lester Coleman is a media relations consultant for the payments and automated retailing industries.