Investments

WeSwap P2P Currency Exchange Seeks $2.89M In Crowdfunding

Currency Exchange

After hitting the 500,000 user mark, currency exchange service WeSwap has rolled out a Seedrs crowdfunding round. The company is seeking a £2.3 million ($2.89 million) raise, according to reports.

The raise is the company’s third on Seedrs and had previously brought in funds from 3,868 investors of more than £3.5 million ($4.4 million). It will support an IW Capital-led Series B investment round.

“We are delighted to open up this latest round of funding, supplementing a series of debt, equity and private investment routes that have aided us in achieving some great milestones that we’re really proud of,” said WeSwap CEO and Founder Jared Jesner, according to reports. “This latest round will allow us to launch a range of new WeSwap product innovations and expand into Asia.”

According to its Seedrs page, the WeSwap app along with Mastercard enables users to swap currency with others via a peer-to-peer technology, track rates, send money to friends and spend money around the world. The company also expanded its product portfolio encompassing next-day cash delivery, buyback and transfers (in beta) that has reportedly “increased and diversified revenue streams.”

The company said on its Seedrs page, “We’re on a break-even [focused] plan to profitability. Alongside improving our core-product range, our focus is on further diversifying revenues, scaling our B2B2C partner solution and breaking into a new, emerging international market — we’ve now agreed a commercial framework with a local provider for launch this year.”

The company said that it is a peer-to-peer travel money platform and a “leading provider in the travel money space.” It claims to have more than half a million users as of June of this year who have spent money in 197 countries and territories around the world and exchanged over £255 million ($320 million). According to the page, the company’s valuation (pre-funded) is £41,597,400 ($52,275,452) and the investment already funded as of 6:07 p.m. Sunday (July 14) EST is £2,285,964 ($2,872,770).

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