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New FinTech startup launches on Fleet Street, London

The Currency Account, a FinTech startup, has launched in London with a promise to remove the anomalies attached to foreign exchange for consumers and businesses.

Today, the company has launched a new, highly competitive, online currency exchange service in the form of a user friendly customer portal. The service will provide a fast and efficient way to arrange delivery of travel cash and make international payments.

Whilst the concept of ‘Peer to Peer’ transactions, cutting out the middlemen and their costs by matching buyers and sellers, has been a fashionable model for newcomers to the sector, The Currency Account offers all users the “highest level” of access to the currency exchange network, ultimately minimising delays and increasing match likelihood.

Users of the service are treated the same and the cost is a simple, transparent fee per transaction. There is no minimum amount of money that you have to deposit. Users can go ahead and purchase €1 if desired and will get the same ‘true’ market rate with zero mark‐up.

With The Currency Account service being available to individuals and businesses there is a real alternative to the use of Banks for everyday currency transactions. As the name implies, the customer has a “currency account” – one account – that can store multiple currencies and convert one from another and remit funds overseas or withdraw currency for travel purposes.

As a new provider The Currency Account is pledged to progressively increase the range of its services to embrace the constantly widening use of new technologies and meet all the modern needs of its customers.

A fully integrated Visa and MasterCard will soon be available to all users and mobile payments are high on the agenda.

Rishi Patel, CEO of The Currency Account, said: “There is an unbundling of the financial services industry that’s occurring right now, and we see an enormous opportunity to provide advanced, more efficient solutions across the foreign exchange sector. In a few years from now we will be wondering why we were ever paying up to 5% for currency exchange!”

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