WeSwap, a London, UK-based peer to peer travel money exchange, raised $7.5m in Series A funding.
The round was led by IW Capital and supported by EC1 Capital.
The company intends to use the funds to continue to develop its product and expand the team to support the growth in the community and the business.
Founded by CEO Jared Jesner and CFO/COO Simon Sacerdoti, WeSwap enables travellers to swap their different currencies and avoid the costly bank and travel currency providers. Travellers can load their account with their home currency and request a swap into their destination currency. The service 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 The funds can then be spent in store or withdrawn at ATMs with a WeSwap Prepaid MasterCard®.
The platform 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.