London-based Currensea, a fintech company, exceeded its funding goal after launching on the Seedrs platform. The company’s fundraiser lasted less than two hours and raised over £1 million, which is £1.35 million to be exact. Specifically, over 350 investors contributed to the campaign.
Blackfinch Ventures and 1818 Venture Capital provided $2.4 million in funding for the project, which they used to fuel its ambitious growth plans.
Since 1818 Venture Capital and Blackfinch Ventures joined the team, the total amount raised increased from £4.55M to £11.02M.
On A Hiring Spree
Currensea will use additional funding from this round to hire more employees and help them reach their ambitious goal of gathering 300,000 users by 2024. This philanthropic business also offers a branded card service called ‘powered by,” which allows businesses and charities to present round-ups of money spent in the UK and round up money spent abroad to donate to causes.
In 2018, London-based Currensea was founded by Craig Goulding and James Lynn. Both former JPMorgan and Barclays employees, Currensea’s mission is to make currency payments convenient, minimalistic and with low fees and charges. It uses their own proprietary technology to do so and reduce costs for everyone.
The Direct Debit Travel Card earns the United Kingdom first connects to bank accounts. No need to worry about messy prepaid cards or multiple currency accounts because the card connects to users’ banking accounts.
James Lynn, Co-founder of Currensea, states that this investment follows a successful crowdfunding campaign earlier this year.Lynn states that there’s a strong demand for an alternative to the foreign exchange trap that people have had to endure for too long.
Currensea is a current account that allows travellers to make secure, overseas payments without having to open a new bank account or worry about maintaining a credit card. Its convenient features make it easier to deal with the cost of living issues, including high currency conversion fees. Each year, travellers in the UK spend £2.7 billion in foreign exchange costs. By using Currensea, this money can be saved.
Blackfinch Ventures Head Reuben Wilcock discussed the Currensea business card with gratitude. He commented that the team’s drive and ambition blew away his expectations. Currensea’s business card is the first in the United Kingdom to offer direct debits. Its creator impressed Wilcock so much that the venture firm decided to back the card’s growth.
Richard Avery-Wright founded 1818 Venture Capital with the goal of investing in brilliant and ethical entrepreneurs who want to change the norm and better society as a whole. He chose Currensea as his investment because of its brilliant founder and its focus on ocean conservation.
Currensea combines open banking with lower fees and reduced expenses when traveling abroad thanks to their combined strong societal purpose. They were excited to see a Fintech company achieve this goal.