WeSwap kicks off £8 million Series B raise
19 October 2017 | 4241 views | 0
Mayfair based private equity firm IW Capital has today announced the launch of its series B investment round for one of the UK’s leading fintech scale-ups -WeSwap.
Having displayed exponential revenue growth of 116% in the last year alone, the series B round will serve as the primary driver in continuing WeSwap’s seismic growth thus far. Equipped with an impressive arsenal of global industry firsts, today’s launch follows the company’s landmark crowdfunding drive that saw the largest subscription uptake - formed of 3,500 investors - for any UK crowdfunding campaign; all of whom are users of the platform.
Having delivered consistently impressive metrics since its inception, WeSwap’s 30+ travel industry partnerships, API integration, and a growing hotbed of travel-money products, firmly secures its position as one of the UK’s leading innovators in foreign exchange. Today’s series B announcement follows a spectacular summer of product roll-outs for the company, with recent launches including a next-day cash delivery service that has proved hugely popular - over £5 million already ordered - and a unique credit offering that is held at 0% for the first 30 days, allowing users to borrow as they spend.
Series B: plans for progression
As WeSwap nears the end of 2017, further product features include a savings functionality, international money transfer, and the ability to spend in all currencies. Moreover, once secured, the £8m raised will contribute towards the launch of WeSwap’s corporate travel product, with discussions currently in place with a number of corporate venture capital partners in the travel industry. The WeSwap for Business proposition is a unique service that enables companies to load money onto a WeSwap card so their employees can receive existent user benefits for all corporate travel. With a progression path that expands the company’s proposition into the Asian market, WeSwap is firmly positioned as the definitive solution for efficient money management for all consumer and corporate travel - globally. Additional features planned for the end of the year and early 2018 include:
- A budgeting tool to help users plan their travel spending
- A rate tracker to allow users to track exchange rate fluctuations
- A “smart swap” feature that aids users in exchanging when the rates are strongest
- A new app UX rollout
- The ability to transfer and send money to friends and family
IW Capital adopts a sector agnostic approach to equity and debt investments, with an impressive portfolio that includes WeSwap, Brewhouse & Kitchen, Hill and Friends, Discovery Yachts, Inglenook Inns and Ubamarket. Utilising EIS, debt and private investment, the firm specialises in series A and B finance for high-growth SMEs that span the UK’s bustling private sector. Serving as testament to IW Capital’s robust collective of high-growth opportunities, WeSwap’s investment path and subsequent growth trajectory thus far are an indicative reflection of the UK’s benchmark fintech and alternative finance profile.
Jared Jesner, CEO and Founder of WeSwap commented:
“This is a really exciting time for the business, from launching a suite of brand-new products to growing the offer for business travellers. We’ve utilised a series of debt, equity and private investment routes to achieve some great milestones that we’re really proud of, today’s launch marks a significant shift in our growth plans. We want WeSwap to be funding the world’s travel adventures and our expansion into new markets such as Asia, the US and Australasia is a big focus in ensuring this happens.”
Luke Davis, CEO of IW Capital said:
“WeSwap is an excellent example, not only of the benchmark innovation the UK’s fintech sector has to offer, but also of how a strategic combination of debt, equity and private investment - when timed efficiently - can result in a truly outstanding SME growth story. We’re proud to have supported WeSwap from the very beginning, and I am very excited to see the plans post the series B raise come into fruition across the next year.”