Octopus leads €10m round for CurrencyFair

The investment round, in which existing backer Frontline Ventures also took part, will enable the company to expand the range of currencies in which it trades.

Currency exchange businesses in the UK and Ireland have attracted significant interest from venture capital firms. In recent months, TCV led a $100m series-B for WorldRemit and Andreessen Horowitz led a $58m series-C for Transferwise.

Octopus recently invested in another finance-focused online platform, when it took part in a £5.2m round for portfolio company Property Partner. The crowdfunding platform aims to develop a "global stock exchange" for buy-to-let properties.

Previous funding
Frontline led a $2.5m round for CurrencyFair in November 2013, alongside angel investors.

Company
Founded in 2009 and headquartered in Dublin, CurrencyFair offers clients the ability to transfer and exchange funds overseas, while avoiding the usual associated fees. The business, which focuses on transactions of more than £2,000, has additional offices in Surrey, UK, and Newcastle, Australia.

People
Brett Meyers is CurrencyFair's co-founder and CEO. Rebecca Hunt is a member of the ventures team at Octopus.

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• Topics
• Expansion
• UK / Ireland
• Financials
• Ireland
• Octopus Investments