IW Capital leads £8m series-B for WeSwap

Kenny Wastell
11 October 2017

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Existing investor IW Capital is leading an ТЃ8m series-B funding round for UK-based peer-to-peer currency exchange platform WeSwap.

The fresh funding will enable the company to launch a corporate travel product and pursue international expansion into the Asian market.

According to a statement issued by the investor, WeSwap has increased its revenues by 116% in the last year.

The company recently launched a next-day cash delivery service and a credit facility that charges customers 0% interest for the first 30 days. Other planned new services include budgeting tools; an exchange rate tracker; a feature that enables users to exchange when rates are most favourable; the launch of a new app; and the ability to transfer and send money to friends and family.

UK-based currency exchange and banking platforms have received significant support from venture capital players in recent years. In 2017 alone, Index Ventures led a $66m series-B round for Revolut, while Thrive Capital and Passion Capital took part in a £19.5m round for Monzo.

Previous funding
IW Capital led a $7.5m series-A round for WeSwap in October 2014. EC1 Capital also took part in the funding round.

Company
Headquartered in London and founded in 2010, WeSwap is a peer-to-peer currency exchange platform designed to help its customers minimise fees charged by banks and FX businesses. Users charge accounts with their home currency and request a swap into the destination currency. The platform then matches travellers with compatible currency requirements or, if there is no compatible match, completes the exchange itself.

People
IW Capital – Luke Davis (CEO).
WeSwap – Jared Jesner (CEO, founder).