The establishment of the fund follows the recent appointments of former Google, eHarmony and Shutl executive, Sean Cornwell and MOO.com executive Dave Wascha to the newly created roles of chief digital officer and global head of digital products.

Cornwell says the fund will invest in startups with expertise in mobile, payments, e-wallets, crypto currency and location technology.

"Around 40 per cent of our UK retail sales are already digital in origin, through either online or mobile channels," he says. "The new digital growth fund will capitalise further on this foundation. It will also offer small startups the opportunity to work with a credible and reputable brand, test new ideas and bring the latest technology to our customers and partners around the world.”

As part of its transformation strategy, Travelex is to embark on a recruitment campaign to build a team with experience across a range of digital disciplines, including engineering, product, UI, UX, design, marketing and testing.

With this objective in mind, the company is sponsoring and participating in this year’s Silicon Milkroundabout, at the Truman Brewery in London from 15-16 November. The event is a careers fair designed to match skilled tech talent with the jobs on offer at businesses of all sizes.

Says Cornwell: “Travelex is very well placed to capitalise on the predicted growth in travel and the corresponding growth in FX and payments. Both the investment fund and recruitment activity will enable Travelex to bring digital to the core of our offerings and customer experience, whilst providing new and innovative ways to help customers fulfil their foreign exchange needs more conveniently and effectively.”