CurrencyFair cash brings tech haul to €50m
The Dublin-based online money transfer service CurrencyFair has raised €10m in a fresh funding round, bringing its total funding to €14m.
The cash brings to almost €50m the amount of venture capital funding for Irish technology firms this week. On Tuesday, the Dublin-based seminconductor firm Movidius raised €38m in one of Europe's biggest funding rounds so far this year.
CurrencyFair, founded by Brett Meyers, Sean Barrett and Jonathan Potter, reduces the cost of transferring money between different countries and currencies. It competes with banks, brokers and rival transfer services.
The company claims that it is the cheapest way to transfer amounts of over €2,800 in the world.
CurrencyFair's niche sector has seen growth recently, with its main competitor, London-based TransferWise recently completing a €50m funding round that included celebrity investor Peter Thiel.
"The money transfer sector has seen a lot of attention recently, with customers beginning to realise the high fees charged by banks when sending money internationally," said CurrencyFair chief executive Brett Meyers.
"These customers, made up of an internationally mobile workforce, retirees and foreign property owners, are regularly sending €2,800 or more in the form of pay, pensions, mortgages and rents. We can even beat the interbank rate, which banks, brokers and other transfer services can't do."
The €10m investment is led by Dublin-based Frontline Ventures and London-based Octopus Investments.
CurrencyFair claims to be the first platform in the world to break the $1 billion barrier in money-matching transfers early last year. Since then, the company's growth has accelerated month-on-month across their main currency corridors between the UK, Europe and Asia-Pacific.
The company's funding round brings to almost €500m the amount of cash raised by Irish tech firms in the last year in what is becoming a funding boom for indigenous entrepreneurs.