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This article was published on February 12, 2013


    P2P FX platform CurrencyFair announces $500m of transactions so far, and vies for $1bn in 2013 alone

    P2P FX platform CurrencyFair announces $500m of transactions so far, and vies for $1bn in 2013 alone Image by: Comstock Images
    Paul Sawers
    Story by

    Paul Sawers

    Paul Sawers was a reporter with The Next Web in various roles from May 2011 to November 2014. Follow Paul on Twitter: @psawers or check h Paul Sawers was a reporter with The Next Web in various roles from May 2011 to November 2014. Follow Paul on Twitter: @psawers or check him out on Google+.

    Fresh from being shortlisted as one of the best ‘Middleweight startups’ at this year’s Europas, as well as winning TNW’s own Irish Startups Award, Dublin-based CurrencyFair has announced that half-a-billion dollars worth of transactions have been carried out across its platform since its inception back in May 2010.

    The news was timed to coincide with Finovate Europe – a 2-day London conference showcasing the future of financial and banking technology – which The Next Web is out and about at today.

    CurrencyFair is a peer-to-peer (P2P) foreign exchange (FX) platform, not too dissimilar to Transferwise, that lets customers exchange money between seventeen currencies, bypassing the pricy exchange rates. And it says it’s now eying more than one billion dollars of transactions in 2013 alone.

    “Since launch, we’ve saved our customers $15 million in bank fees,” says Brett Meyers, CurrencyFair co-founder.

    CurrencyFair is regulated by the Central Bank of Ireland, and it has raised €2 million in seed funding so far, though will be hitting the market for additional fundraising this spring to grow the company.

    “We’ve set our sights on relieving the banks of another billion dollars of transactions this year,” Meyers adds. “We’re entering a ‘perfect storm’ for P2P foreign exchange – confidence in banks is low, while trust in regulated online alternatives is increasing.”

    Meanwhile, you can monitor all our coverage from Finovate Europe here.

    CurrencyFair

    Feature Image Credit – Thinkstock