London fintech Currensea The Seedrs crowdfunding platform has raised £ 1.35m in capital within the first two hours of going live, exceeding its £ 1m target.
Of the 350 Currensea crowdfunding investors, nearly half are current users of the platform.
“There is strong investor demand, which clearly demonstrates the scalability and the need for a viable solution to the foreign exchange trap that we have all been forced to endure for too long,” said James Lynn, co – founder, Currensea.
Currensea is a free direct debit travel card that connects to a person’s current account to provide access to foreign currencies while abroad.
It integrates directly with your current accounts through open banking technology and automatically takes the money out of your bank account when used abroad.
There are also paid cards that offer better exchange rates.
Lynn added: “Currensea was created to give travelers more control over how they spend their money, providing a solution to seemingly unavoidable foreign exchange fares.”
Curclanse was founded by former employees of Barclays and JPMorgan in 2018. To date, it has over £ 5m in funding.
The firm is authorized by the Financial Conduct Authority.
Earlier this week saw major later investments in two other British fintech companies. Buy now, pay later (BNPL) Zilch contributed £ 41m to his Series C round and Gen Z financial advisor Cleo raised £ 66m in Tier C funding.
Direct debit travel card Currensea is receiving £ 1.35m in crowdfunding
