Currency exchange looks to raise €4m
Peer-to-peer firm growing by 10pc a month, and is now looking to expand into markets in Australasia, writes Tom Lyons
CURRENCY Fair, the Dublin-based online currency exchange tapping into the global ex-patriot community, is seeking to raise €4m to fund its expansion.
The Irish-Australian firm operates a peer-to-peer market for people seeking to exchange foreign currencies directly with each other at rates much better than traditional banks.
The firm has matched €125m since it was founded two years ago by Brett Meyers, its managing director, along with Sean Barrett, a former banker with Zurich, Jonathan Potter, ex-JP Morgan, and David Christian, who previously worked with insurance company RSA.
Mr Barrett said his firm's low charges had saved its customers about €4m to date relative to standard foreign exchange charges.
"We've proven the concept. Now we need to invest in marketing so we become a global player," Mr Meyers said.
Mr Meyers said transaction volumes on Currency Fair were growing by about 10 per cent a month as Irish and Australian emigrants, retired British ex-pats in Spain and France, as well as small and medium enterprises used its services. "We'd see ourselves as similar in some ways to Betfair (a global betting exchange) but without any gambling or risk," he said, "We are regulated by the Central Bank in Ireland and are also regulated in Australia."
Enterprise Ireland picked Currency Fair last month as among the top three start-ups in the country in its 2012 Internet Growth Acceleration Programme. The firm became regulated in Australia two months ago, and it plans to open an office there to service the Australian, New Zealand and Singapore markets.
Sunday Indo Business