P2P currency exchange WeSwap to launch crowdfunder for expansion

P2P currency exchange WeSwap to launch crowdfunder for expansion

Peer-to-peer currency exchange WeSwap is set to launch a crowdfunder campaign to boost its growth after trebling in size over the last year.

Backers can buy shares in the firm in the hope that added investment will continue to drive its growth.

Its crowdfunding campaign, which launches through Seedrs on October 26, wants to raise money to expand into international markets including Asia and grow its community online.

Set up in 2011, WeSwap fully launched last year and saw a 200,000 increase in membership numbers and claims to have saved its customers £1.2 million in the last 12 months against typical high-street currency exchange fees and commissions in transactions with tens of millions.

Its mission statement is to “help travellers everywhere swap and manage currency in the cheapest, fairest and most transparent way possible” and works in ten countries with 18 currencies.

Founder Jared Jesner said: “We’ve had an amazing year at WeSwap and we’re very excited to be inviting our travellers to become an even greater part of our future as part-owners of the business. “We’ve built the technology, but without travellers swapping currency there is no WeSwap. So we want to invite our community to help us develop and grow the platform, and have the opportunity to share in the success they too helped to create.”

Jeff Lynn, CEO of Seedrs, added: “I think WeSwap is an exciting innovator within the fintech sector and the sharing economy, and they offer a product that has clearly proved popular with their users.”

In July, WeSwap secured a second round of funding of £6.5million led by investment firm Ascot Capital Partners and backed by existing investors EC1 Capital and IW Capital.

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