London-Based Travel Money Firm WeSwap Secures $10m Funding

CEO remains confident that the UK fintech scene can still compete for global investment and talent, post-Brexit referendum vote

Disruptive London based travel money service WeSwap today announces it has secured a second stage funding round investment of $10million.

The peer to peer travel money exchange is founded on the principles of challenging unfair currency exchange charges that are typically offered to consumers on the high-street and airports. WeSwap cuts out the middle man and puts the power back into the hands of individual travellers who can swap their currency with each other.

The announcement comes just days after the UK’s decision to leave the EU has shaken the London fintech scene – but indicates that it’s not all doom and gloom for UK businesses disrupting traditional markets. The significant investment was led by Ascot Capital Partners.  EC1 Capital and IW Capital – existing WeSwap investors – also participated significantly in the round.

WeSwap founder and CEO Jared Jesner says “This year we have seen thousands of users swap millions of pounds each month. Our strong focus on building a sustainable, profitable business has enabled this funding despite the uncertain climate. The funding enables us to develop exciting new products, expand into new markets and continue to bring new features to our core product – all designed to help our users to stress less and travel happy”

“WeSwap is continually striving to bring transparency and value to the travel money market through our swapping platform – this will continue no matter the status of EU membership.”

Founded in 2013, WeSwap secured $6 million in series A funding in October 2014, and has gone from strength to strength, broadening its user base through travel industry partnerships.

“With so much talent residing in the capital and so much global opportunity, I don’t think Brexit signals the end of investment in the sector – especially the booming sharing economy that represents people taking back control from traditional bureaucratic structures and systems” continues Jesner.

David Page, CEO of investment firm Ascot says “The UK has always been, and will continue to be, a world-class financial services and technology hub with world-class resources and assets: including talent, innovation, legal framework and a supportive government. There will be a period of EU negotiations over the next two years but we can be sure the UK will remain at the forefront of global innovation and entrepreneurship.

“We believe that businesses such as WeSwap, with its customer centric value proposition and fast growing revenues, will be the driving force behind the UK’s continued growth.”

Julian Carter, Founding Partner of EC1 Capital comments “Venture capital is all about global scalability beyond these shores, we’ve hit a speed bump with Europe that will take a few years to play out and this has meant we look more closely beyond the Eurozone for frictionless growth and tap other lucrative travel currency corridors across the world for WeSwap. London holds the crown as the second best place to start a tech business in the world despite a 12x reduction in the availability of capital and a 5:1 market size compared to San Francisco, London has almost as many software developers as the Valley and that will not be assuaged at least over the next several years, if ever.”

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Author: Dylan Jones

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