Business

Tuesday 6 December 2016

Dublin tech firm raises €8m in funding round

Published 09/11/2016 | 13:10

Currencyfair was launched in 2010 by co-founders Brett Myers, Jonathan Potter, David Christian and Sean Barrett
Currencyfair was launched in 2010 by co-founders Brett Myers, Jonathan Potter, David Christian and Sean Barrett

The Dublin based currency transfer firm CurrencyFair has raised €8m in a fresh funding round.

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The company also announced a new chief executive, Paul Byrne. Current chief executive and founder Brett Meyers becomes chief strategy officer.

CurrencyFair also announced Ruth Fletcher as its new chief financial officer and Sylvie McDermott as chief product officer.

CurrencyFair allows users to transfer money between currencies for less than traditional banking methods.

The funding round was led by existing investors Octopus Ventures and Frontline Ventures.

Paul Byrne was previously chief executive of Trintech. He also started, and then sold, Concuity, a healthcare software company.

“I am delighted that, after an extensive recruitment process that we began in 2015, CurrencyFair now has a complete, highly experienced and high-calibre management team in place that will drive us all forward in the next phase of our growth," said Brett Meyers. "There is a huge opportunity for our unique service in a global market for both consumers and SMEs and we are now primed to take advantage of that.”

Previously to joining CurrencyFair, Ruth Fletcher co-led the spin-out of Fenergo from Ergo and the subsequent recapitalisation by Insight Venture Partners and Aquiline Capital Partners for €85m in 2015.

Formally group product director at Betfair, Sylvie McDermott "has developed deep domain expertise in mobile and online product development and will lead a customer driven approach to product strategy for CurrencyFair".

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