Travel debit card Currensea has successfully raised over £1.7 million from 760 investors on the crowdfunding platform Seedrs within just four hours.
Initially, Currensea aimed for a £1 million raise at a valuation of £28.5 million. This achievement follows the milestone of reaching 100,000 cardholders in March, with the company’s money-saving app being utilized globally every nine seconds.
Currensea claims it offers savings of at least 85% on overseas transactions by eliminating the typical fees charged by banks and other providers. The funds raised will be used to enhance customer acquisition efforts and further develop its co-brand offerings.
James Lynn, co-founder of Currensea, stated, “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 maximizes the value of our savings.”
In 2022, Currensea raised over £4.5 million through Seedrs crowdfunding, as well as VC investment from Blackfinch Ventures and 1818 Venture Capital. To date, the company has raised a total of £11 million since its launch.