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Travel money service WeSwap closes $10m funding round

WeSwap - Jared (3)

London-based travel money service WeSwap has received $10m in funding.

The round, led by Ascot Capital Partners, also drew support from EC1 Capital and existing investors IW Capital.

WeSwap founder and CEO Jared Jesner, commented: “This year we have seen thousands of users swap millions of pounds each month. Our strong focus on building a sustainable, profitable business has enabled this funding despite the uncertain climate.

“The funding enables us to develop exciting new products, expand into new markets and continue to bring new features to our core product – all designed to help our users to stress less and travel happy,” he added.

Founded in 2011 and launched two years later, WeSwap – which enables people across the world to exchange currencies with each other – now claims to have users across 10 different countries.

Today’s announcement comes after the company closed a $7.5mm Series A funding round in October 2014.

David Page, CEO of investment firm Ascot, spoke about his firm’s decision to invest: “The UK has always been, and will continue to be, a world-class financial services and technology hub with world-class resources and assets: including talent, innovation, legal framework and a supportive government.

“There will be a period of EU negotiations over the next two years but we can be sure the UK will remain at the forefront of global innovation and entrepreneurship,” he concluded.