Currency Fair to raise up to €7m from investors
DUBLIN peer-to-peer foreign-exchange company CurrencyFair will seek to raise up to €7m in further investment this year as it aims at rapid growth.
A funding round in spring will build on its existing €3.5m from investors Frontline Ventures, where aviation heir Declan Ryan is a backer. This new tranche is likely to be focused on the US and range between €3.5m and €7m.
"In 2013, we did €45m a month of transfers. In 2014, we aim for that to be well over €200m monthly and €2.5bn a year," said chief executive and co-founder Brett Meyers.
"The ambition is to be 50 times our current size in two years," he added.
A major push into the British market is also planned as part of a six-month growth campaign to drive transaction volumes to five times their current level in 2014.
The spine of the business is its technology and the company is also building up its tech talent, having recently announced 30 extra hires.
Ireland-based Aussie Meyers, who was badly stung on the transfer of a house deposit from Aussie dollars to euros, was inspired, along with ex-pat partners, to try to offer something better.
Instead of using banks with their hefty charges, former JP Morgan banker Meyers and his friends in various countries began to exchange money between each other.
Out of this grew a regulated online international foreign exchange business, with users' transfers hedged against each other, avoiding commission, exchange rates and fees.
Key customers are Irish people based overseas, such as those working in the mining areas in Australia or in Britain and Canada, and who regularly send money home.
Based at new bigger office space in Ranelagh, in the former Jason's venue where snooker star Ken Doherty honed his skills, Currency Fair will also actively target corporate customers in 2014, Myers said.