EC1 Capital has invested in WeSwap a disruptive p2p travel money exchange platform
WeSwap Closes $7.5m Funding Round to Accelerate Global Consumer Launch Strategy
WeSwap, the peer to peer travel money exchange, has raised $7.5m in Series A funding, led and structured by IW Capital and supported by EC1 Capital and existing shareholders. The investment follows a successful beta phase in which WeSwap has proven the business case across multiple international markets. The company 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.
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. “
WeSwap cuts out the middle-man and guarantees its community excellent exchange rates. Rather than paying up to 10% with other currency exchange services, WeSwap charges just 1% and is free to use if customers sign up and swap with people they already know. This is in stark contrast to major incumbents that claim to offer zero percent commission but hide their fees in bad exchange rates.
Travellers load their account with their home currency and request a swap into their destination currency. WeSwap then finds travellers with compatible currency needs and swaps the money. If no other members of the community have an opposing currency need then WeSwap itself will step in and swap. The funds can then be spent in store or withdrawn at ATMs with a WeSwap Prepaid MasterCard®. WeSwap currently operates in 6 currencies, which will expand to 16 by the end of the year. Travellers can also swap directly with others via email, Facebook, twitter and LinkedIn.
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.”
Alan Armstrong, Head of Investment, IW Capital: “We are delighted to have led and structured the investment in such a disruptive peer to peer business which has the power to change a market which is worth £35 billion in the UK alone. WeSwap is a company with great global appeal which brings immediate financial benefit to all international travellers and we are excited about being part of the next phase of its growth.”
Julian Carter, Co-Founder and Managing Director, EC1 Capital: “This is a remarkable business that delivers both a practical and emotional appeal to all travellers. WeSwap has the potential to change the way people think about international currency. The company has done a fantastic job to date and it is now in a position to fully scale from the infrastructure it has in place.”