Open banking-powered fintech Currensea has secured £2.4m from main Enterprise Capitalists Blackfinch Ventures and 1818 Enterprise Capital which can be used to speed up the fintech’s formidable progress plans.
Currensea – the money-saving journey card, which removes the financial institution charges related to international change by linking on to customers’ present present accounts – has grown quickly this yr. Cardholder numbers have greater than doubled to 45,000, whereas a crowdfunding marketing campaign in June efficiently raised £2m by way of the Seedrs platform, smashing the unique goal of £1m in simply two hours.
The funding by Blackfinch Ventures, which has a 20-year funding observe report, and start-up specialist 1818 Enterprise Capital brings the entire raised this yr to £4.55m, whereas fundraising since launch has now reached almost £11m.
This funding spherical can be used to fund further hiring and drive Currensea’s formidable plans to accumulate 300,000 customers by 2024. It’ll additionally permit the corporate to proceed to broaden its ‘powered by’ providing which permits charities and companies to supply branded playing cards enabling customers to not solely get monetary savings when spending overseas but additionally spherical up UK spending to donate to good causes.
Dr Reuben Wilcock, Head of Ventures at Blackfinch mentioned: “We had been vastly impressed by the drive and ambition of the Currensea workforce, who’ve created the UK’s first direct debit journey card. It’s thrilling to be backing such a forward-thinking agency. The Currensea workforce has already constructed a powerful enterprise and we’re delighted to be supporting their progress ambitions.”
Richard Avery-Wright, founding father of 1818 Enterprise Capital, mentioned: “We frequently try to spend money on superb founders who’re obsessed with disrupting the established order in a optimistic and moral approach, such that society as a complete advantages. Our funding in Currensea exemplifies this brilliantly.
“We’re thrilled {that a} Fintech firm, similar to Currensea, has efficiently mixed the comfort of open banking, vital FX financial savings when travelling overseas, and a seamless giving operate to ship on its sturdy societal objective.”
Currensea’s answer can be now extra related than ever within the midst of the cost-of-living disaster. UK travellers are at present losing £2.7bn in international change charges yearly by utilizing their financial institution playing cards overseas. Currensea allows customers to chop out these expenses whereas nonetheless having the ability to make abroad transactions instantly and securely from their present present account, with out the effort of opening a brand new checking account or worrying about holding a pay as you go card topped up.
James Lynn, Co-Founding father of Currensea, feedback: “This newest funding – which follows a vastly profitable crowdfunding marketing campaign earlier this yr – is additional proof that there’s a sturdy demand for an alternative choice to the international change entice that we’ve all been pressured to endure for too lengthy.
“Nearly half of our Seedrs buyers are Currensea customers – demonstrating sturdy buyer advocacy of the cardboard – whereas our angel buyers and two VCs place enormous emphasis on investing in corporations which can be making an attempt to do good, highlighting how sturdy our proposition is. We all know prospects love the simplicity of our money-saving answer, and now it’s clear that buyers see it as the reply to a fairer journey cash market.”
Currensea prospects may help the fintech’s sustainability initiatives – customers can choose to plant one tree for each 8p saved or take away 100 plastic bottles from the ocean for each £1 saved in international change charges.