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DateTuesday, July 19, 2011

CurrencyFair Continues to Fund

Irish Start up Announces Enterprise Ireland Investment in Fourth Funding Round Bringing Total Investments to €1.65m



CURRENCYFAIR_Brett_Meyers.pngCurrencyFair, an online market for foreign exchange transactions, is in the process of completing its fourth round of funding, raised through a combination of angel investors and Enterprise Ireland. The company days the current investment round is worth €670,000 taking the total funding to €1.65m, and will be used for website development, marketing and on-going operating costs.


The company provides an online service that matches 'people' who want to sell Pounds, Euros, Dollars or any other currency, to 'people' who want to buy them. Note that word 'people'. It's a marketplace where people can exchange currencies with other people, anonymously, at rates which have traditionally been reserved for multinationals and market professionals dealing in millions, no matter how small the transaction. The company claims in some cases users have even been getting a better rate than the interbank midpoint.



Finance Director, Jonathan Potter told that their unique business model enables them to offer compelling value for retail customers and attractive unit economics. "Because of this, investors have been impressed by the model and earning prospects."



The high street banks' profitable stranglehold on foreign exchange transactions continues to be challenged by CurrencyFair. Since launching in May 2010, CurrencyFair's customers have traded close to €35 million and saved over €1 million when comparing their rates with typical Bank exchange rates, delivering on its promise to return the huge swathes of charges, commissions and spreads that banks currently grab from the customer.



CurrencyFair founder Brett Meyers (pictured), said: "We've all seen how the peer-to-peer model has revolutionised betting. Now, after several years of work, we've applied that peer-to-peer concept to currencies. But, of course, here there is no gambling and the only organisations that risk losing are the banks and specialist brokers. CurrencyFair challenges their lucrative profiteering and hands it back to businesses and consumers. "



Commenting on the company success plans Jennifer Condon, Enterprise Ireland Divisional Manager, said: "High potential start-ups such as CurrencyFair are the core of Ireland's vibrant entrepreneurial sector, creating products that add value for customers across the globe. This announcement by CurrencyFair is a fine example of this strategy in action and we look forward to working closely with CurrencyFair in further developing their business."



The funding round is due to complete in the next 2 weeks with Enterprise Ireland, who are leading several other undisclosed angel investors, taking a 5% stake. The firm's stakeholders will retain a 53% share, and friends, family and angels sharing 42%.




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