Peer to peer currency exchange platform We Swap has launched a bid to raise £8 million in series B funding.
The funding round is being led by Mayfair-based private equity firm IW Capital and the money i hopes to raise will help WeSwap expand into the Asian market and increase its corporate offering.
Around £100 million in currency has been exchanged between 300,000 users via WeSwap since it launched in 2015.
The series B funding round follows its crowdfunding campaign, which saw 3,500 people invest in the platform – which has partnerships with more than 30 businesses in the travel industry.
Recent launches include a next-day cash delivery service and a credit offering that is held at 0% for the first 30 days, allowing users to borrow as they spend.
Throughout the end of the year and the start of 2018, WeSwap plans to introduce a budgeting tool to help users plan their travel spending, a rate tracker to allow users to track exchange rate fluctuations, a “smart swap” feature that aids users in exchanging when the rates are strongest, a new app UX rollout and the ability to transfer and send money to friends and family.
Jared Jesner, chief executive and Founder of WeSwap said: “This is a really exciting time for the business, from launching a suite of brand new products to growing the offer for business travellers. We’ve utilised a series of debt, equity and private investment routes to achieve some great milestones that we’re really proud of. We want WeSwap to be funding the world’s travel adventures and our expansion into new markets such as Asia, the US and Australasia is a big focus in ensuring this happens.”
IW Capital’s portfolio includes Brewhouse & Kitchen, Hill and Friends, Discovery Yachts, Inglenook Inns and Ubamarket. Chief executive Luke Davis said: “WeSwap is an excellent example, not only of the benchmark innovation the UK’s fintech sector has to offer, but also of how a strategic combination of debt, equity and private investment – when timed efficiently – can result in a truly outstanding SME growth story.”