Member Article

London travel money exchange WeSwap raises $7.5 million to fund global expansion

WeSwap, a London-based peer to peer travel money exchange, has raised $7.5 million in Series A funding, led and structured by IW Capital and supported by EC1 Capital and existing shareholders.

The investment follows a beta phase in which WeSwap has proven the business case across multiple international markets and will now use these funds to roll out the proposition across key global markets.

WeSwap was founded by Jared Jesner and Simon Sacerdoti to enable holidaymakers, expats, international students and business travellers to swap their different currencies and avoid the costly bank and travel currency providers.

WeSwap charges 1% and is free to use if customers sign up and swap with people they already know.

Simon Sacerdoti, founder & CFO/COO, WeSwap: “After much interest, including from some of the biggest names in travel, we are delighted to secure the backing of experienced private equity investors who bring a track record of success to our business.

“The investment will enable us to continue to develop our product and expand the team to support the growth in our community and our business.”

Jared Jesner, founder & CEO, WeSwap: “WeSwap is the ideal product for today’s traveller, offering a social and mobile way to get hold of foreign currency through the power of the crowd.

“The investment allows us to accelerate our growth across more international markets and to continue to bring great value and transparency to a market that has long suffered from opaque, confusing propositions.”

This was posted in Bdaily's Members' News section by Ellen Forster .