FX startup WeSwap secures $10m funding

FX startup WeSwap secures $10m funding

Travel money service WeSwap has secured a second stage funding round investment of $10 million.

The investment was led by Ascot Capital Partners. EC1 Capital and IW Capital – existing WeSwap investors – also participated in the round.

Founded three years ago, London-based WeSwap secured $6 million in series A funding in October 2014, and has broadened its user base through travel industry partnerships.

Founder and chief executive, Jared Jesner, said: “This year we have seen thousands of users swap millions of pounds each month. Our strong focus on building a sustainable, profitable business has enabled this funding despite the uncertain climate.

“The funding enables us to develop exciting new products, expand into new markets and continue to bring new features to our core product – all designed to help our users to stress less and travel happy.

“WeSwap is continually striving to bring transparency and value to the travel money market through our swapping platform – this will continue no matter the status of EU membership.”

“With so much talent residing in the capital and so much global opportunity, I don’t think Brexit signals the end of investment in the sector – especially the booming sharing economy that represents people taking back control from traditional bureaucratic structures and systems.”

David Page, chief executive of investment firm Ascot, added: “The UK has always been, and will continue to be, a world-class financial services and technology hub with world-class resources and assets, including talent, innovation, legal framework and a supportive government.

“There will be a period of EU negotiations over the next two years but we can be sure the UK will remain at the forefront of global innovation and entrepreneurship.

“We believe that businesses such as WeSwap, with its customer centric value proposition and fast growing revenues, will be the driving force behind the UK’s continued growth.”

Julian Carter, founding partner of EC1 Capital, said: “Venture capital is all about global scalability beyond these shores, we’ve hit a speed bump with Europe that will take a few years to play out and this has meant we look more closely beyond the Eurozone for frictionless growth and tap other lucrative travel currency corridors across the world for WeSwap.

“London holds the crown as the second best place to start a tech business in the world despite a 12x reduction in the availability of capital and a 5:1 market size compared to San Francisco, London has almost as many software developers as the Valley and that will not be assuaged at least over the next several years, if ever.”

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