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Currensea smashes crowdfunding target

Currensea smashes crowdfunding target

Travel debit card Currensea has raised over £1.7m from 760 investors in just four hours on crowdfunding platform Seedrs.

Currensea initially targeted a raise of £1m at a valuation of £28.5m.

The successful campaign comes after Currensea hit 100k cardholders in March, with its money-saving app now used globally every nine seconds.

The firm claims savings of at least 85% on every overseas transaction by cutting out the normal fees leveraged by banks and other providers.

Currensea says the funds raised will support future customer acquisition and continued development of its co-brand offering.

James Lynn, co-founder of Currensea, comments: “Consumer appetite for travel has almost fully recovered from the pandemic and the unprecedented investor demand for Currensea demonstrates the need for a simple solution that eliminates FX fees and maximises the value of our savings."

In 2022, Currensea raised over £4.5m through a Seedrs crowdfunding raise as well as VC investment from venture capitalist Blackfinch Ventures and 1818 Venture Capital. Since launch, Currensea has raised a total of £11m.

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