Member Article

WeSwap crowdfund set to break records after surpassing £1m target pre-launch

Peer-to-peer (P2P) money transfer service WeSwap has officially launched its crowdfunding campaign to the public today despite already surpassing its £1m target before it had even launched.

The London-based FinTech firm has managed to raise £1.5m from 1,800 investors, which itself is a record for pre-registered investors on Seedrs, before launching its crowd investment drive today.

Founded in 2011, WeSwap offers users currency exchange options by swapping cash with fellow travellers and in the past 12 months has 204%, adding 200,000 new users to the platform.

Back in July, the tech firm raised £6.5m in its second round of funding led by Ascot Capital Partners and backed by existing investors EC1 Capital and IW Capital in what was one of the first major post-Brexit investment rounds in a UK FinTech firm.

Jared Jesner, Founder of WeSwap, commented: “We’ve had an amazing year at WeSwap and we’re very excited to be inviting our travellers to become an even greater part of our future as part-owners of the business.

“We’ve built the technology, but without travellers swapping currency there is no WeSwap. So we want to invite our community to help us develop and grow the platform, and have the opportunity to share in the success they too helped to create.”

Ben Aronsten, Chief Marketing Officer at Seedrs added: “It has been very exciting to see how engaged WeSwap’s community has been in supporting their fundraise and helping the company hit its £1m target before the campaign had even opened to the public.

“The fundraise has attracted an exceptional level of public attention on Seedrs in the pre-registration stages, with 1,800 investors in the company by the time the campaign went live. We’re excited to be supporting an ambitious London fintech businesses.”