Peer-to-peer foreign exchange start-up WeSwap hopes its Travel Weekly Globe win for innovation will raise its profile with the trade, ahead of a major summer marketing push.
The website allows travellers to swap their travel money for a fraction of the costs normally incurred using conventional financial institutions – or even for nothing, if among their friends.
It scooped the Globe award at last week’s ceremony having been judged by a panel of industry experts the outstanding entrant for innovation. The shortlist also included Make it Social and Virgin Holidays.
WeSwap is targeting trade partners as a key way of establishing the brand and getting its Mastercard pre-loadable debit cards into travellers’ hands.
Hotels.com is a launch partner and the Expedia-owned specialist website is using the service to incentivise customers to book particular hotels by offering £25 pre-loaded on to the card.
Rob Stross, sales and marketing director, who joined WeSwap from Directflights.com three months ago, said it was looking to widen its trade partnerships.
He said the firm offers a range of commercial models including revenue share on currency swaps, an acquisition fee for each lead and a full white-label option including the WeSwap mobile app.
“For us, industry partnerships are a key focus, so winning the Globe award for innovation was fabulous and a real opportunity to raise our profile.
“Hopefully, it will help us get the business off on the right foot. Persuading partners to help as a distribution channel is critical for us.”
WeSwap has been established over the past two years by two founders from the worlds of currency trading and chartered accountancy. Having attracted a second round of funding last October, Stross said the firm will build awareness online while also growing its trade partnerships team.
AA consumer-facing summer promotion is being timed to coincide with when people who have bought holidays start to think about foreign exchange.
“Our ethos is about being cheap, social and really transparent. It’s bringing the cost of currency down and ultimately giving our partners’ customers the most value for money.”