IW Capital leads $7.5m round for WeSwap

EC1 Capital also participated in the funding round.

The company will use the fresh funds to support its expansion across key global markets, following the completion of its beta phase.

IW manages a portfolio of enterprise investment scheme deals. EC1 Capital is a London-based venture firm that backs businesses in the web and mobile technology sectors.

Company
WeSwap allows travellers to swap currencies to avoid fees charged by bank and currency exchange providers. Users are able to charge their account with their home currency, and request a swap into the destination currency. The platform then matches travellers with compatible currency requirements. If there is no compatible match, WeSwap completes the exchange itself. The business charges 1% commission.

WeSwap currently operates in 6 currencies, with plans to offer 16 by the end of the year. The business was founded in 2010 and is based in London.

People
Julian Carter is managing director and co-founder at EC1. Alan Armstrong is head of investment at IW.

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• Topics
• UK / Ireland
• Financials
• Expansion
• United Kingdom