UK-based fintech startup, WeSwap, is set to close its latest equity crowdfunding round on Seedrs with more than £2.4 million in funding secured. The company launched the campaign last month and quickly raised its initial £2.3 million funding target. It is offering 5.24% in equity at a £41,597,400 pre-money valuation.
As previously reported, WeSwap uses P2P swapping model, has members (i.e. travelers) in 10 countries and supporters swaps (purchases and cash withdrawn) in 18 different currencies. The company is on a mission is to help travelers swap and manage currency in the cheapest, fairest and most transparent way possible. It was also noted that as of June 2019, WeSwap has more than 500,000 users who have exchanged more than £255 million, and spent in 197 countries and territories worldwide.
“The WeSwap app and Mastercard lets customers swap currency with other travellers through our peer-to-peer technology, spend money globally, track rates and send money to friends. Last year, we also grew our portfolio of new travel money products – including buyback, next day cash delivery and transfers (beta) – which have increased and diversified revenue streams. In December 2018, WeSwap established its suitability for an IPO on AIM.”
Funds from the now successful Seedrs campaign will be used for the following:
- Development – 20%
- Product & UX – 6%
- Compliance (inc. Sign up) – 13%
- Banking Operations – 12%
- Marketing – 41%
- Customer Support – 8%
The funding round, which has attracted more than 1,300 investors, is set to close this Friday (August 2nd).
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