Currensee raises $8 million funding to fuel international expansion
23 February 2010 | 3125 views | 0
Currensee, a social media platform for foreign exchange traders, has secured $8 million in Series B funding, which it will use to finance expansion into international markets in the UK, Europe and Asia.
Led by Northbridge Venture Partners, the round includes new investor, Egan-Managed Capital and brings the total financing raised by the Boston-based venture to $12 million. Two million dollars of the $8 million total detailed today was already booked when the venture announced its first round of funding back in October last year.
"Currensee is one of the most disruptive companies we've seen in the financial services sector," says Jim Moran, general partner at Northbridge Venture Partners. "In a space that has been viewed as the Wild West for investors, the Currensee team has made tremendous progress -- bringing transparency, collaboration and innovation to the Forex industry for the first time."
Since launch in October last year, the start-up claims to have attracted members from over 70 different countries, who have linked their live brokerage accounts with one of the 100+ brokers supported by the platform. Currensee members can view each other's actual trades and positions, trading strategies and performance to make more informed trade decisions.
In November, the company announced plans to start issuing its own virtual currency which can be exchanged for goods and services over the site.
Alongside international expansion, the new financing will also fund new features, including sentiment indicators, real-time depth of market data and a new 'trade leaders' programme highlighting the most successful traders on the platform.