Featured. Submit a story. Tell us your story. Featured. Submit a story. Tell us your story. Featured. Submit a story. Tell us your story. Featured. Submit a story. Tell us your story. By:Lars Mucklejohn. Banking and Fintech Reporter. LondonfintechCurrensea has smashed its online crowdfunding target after just four hours as the travel debit card company looks to pounce on a rebound in demand for overseas holidays. The firm raised 1.7m from 760 investors on the Seedrs platform,surpassing its initial targetof 1m with a company valuation of 28.5m. Currensea said it had now extended its target to allow additional investment for a limited time, adding that it would use the money to support future customer acquisition and continued development of its cobrand offering. Since launching in 2020, Currensea has raised a total of 11m, including a 4.5m round in 2022 involving Seedrs crowdfunding and investments from Blackfinch Ventures and 1818 Venture Capital. The startup claims to have saved travellers more than 4m in foreign exchange fees with a card that saves at least 85 per cent onoverseas transactionsby cutting out normal fees levied by high street banks. James Lynn, Currensea s cofounder, commented: Smashing our initial target in record time not only demonstrates phenomenal demand but also the strong investor belief in the scalability of our solution. Too many people feel ripped off by FX fees when abroad, our new investors have joined our mission to create a fairer model for travel money. . Latest data from banking trade bodyUK Financeshows the UK s international debit card spend was up four per cent in March compared to a year prior. Currensea said it surpassed 100,000 cardholders earlier this year and that the card s monthly usage has doubled from last year. Subscribe to the City A.M. newsletter to have our top stories delivered directly to your inbox. Subscribe to get the essential daily news updates from City A.M's top stories to your inbox.
Currensea, a travel debit card company, exceeded its crowdfunding target in just four hours, raising 1.7m from 760 investors. The company plans to use the funds to attract more customers and enhance its cobrand offering. Currensea aims to offer a fairer foreign exchange model, having already saved travellers over 4m in fees. The UK's international debit card spend has increased by four percent, indicating a demand for overseas transactions.