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Currensea raises over GBP 1.7 million on Seedrs

Tuesday 2 July 2024 15:06 CET | News

UK-based direct debit travel card Currensea has announced that it secured over GBP 1.7 million after launching its services on the Seedrs platform.

Initially aiming for a raise of GBP 1 million in the Seedrs crowdfunding round, Currensea managed to surpass its target and secure more than GBP 1.7 million from 760 investors. The target was extended due to increased demand from investors, which enabled additional funding for a limited time. Despite consumer appetite for travel reaching nearly pre-pandemic levels, the substantial and continuous impact of the cost-of-living crisis expands the value of savings for individuals.

UK-based direct debit travel card Currensea has announced that it secured over GBP 1.7 million after launching its services on the Seedrs platform.

According to Currensea’s data, UK travellers are spending GBP 2.7 billion in foreign exchange fees every year due to leveraging their bank cards abroad. Through its card, Currensea aims to enable them to save money on every overseas transaction by minimising the usual fees utilised by banks and other providers. Since the beginning of its operations in 2020, the company saved travellers nearly GBP 4 million in foreign exchange fees, with Currensea’s solution recently growing in popularity.

How will Currensea leverage the investment?

With the newly acquired capital from the crowdfunding round, Currensea intends to support its future customer acquisition and continued development of its co-brand offering. Representatives from Currensea underscored that the capital raise highlights investors’ commitment to assisting in developing a more optimised model for travel money. Before the current investment, Currensea raised more than GBP 4.5 million via a Seedrs crowdfunding raise and VC investment from Blackfinch Ventures and 1818 Venture Capital. In total, since the beginning of its operations, the company raised GBP 11 million.

Furthermore, Currensea’s users can also assist the company’s sustainability initiatives, with customers being able to choose whether to remove 100 plastic bottles from the ocean for every GBP 1 saved in foreign exchange fees. Since being introduced, the initiative allowed users to contribute to the elimination of 9 million bottles from the ocean.

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Keywords: travel payments, investment, crowdfunding, funding, FX
Categories: Payments & Commerce
Companies: Currensea, Seedrs
Countries: United Kingdom
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