UK’s first direct debit travel card startup Currensea secures £2.4M funding

Currensea

Earlier this year, Currensea, a fintech headquartered in London, had smashed its crowdfunding target by 135% in less than two hours after unveiling on the Seedrs platform by raising over £1M (£1.35M to be precise) from over 350 investors. 

Now they are in news again for securing £2.4M from Venture Capitalists Blackfinch Ventures and 1818 Venture Capital — which will be used to accelerate the fintech’s ambitious growth plans.

With the contribution from Blackfinch Ventures and 1818 Venture Capital, the total amount raised this year is now £4.55M, and the amount raised overall since launch is now close to £11M.

On a hiring spree

This round of funding will be used to fund additional hiring and help Currensea meet its ambitious goal of acquiring 300,000 users by 2024. It will also enable the company to expand its ‘powered by’ offering, which allows charities and businesses to offer branded cards that allow users to not only save money when spending abroad, but also round up UK spending to donate to good causes.

Currensea was founded in London in 2018 by Craig Goulding and James Lynn, both former Barclays and JPMorgan employees. Its mission is to make currency payments accessible, simple, and to reduce fees and charges from high-street banks for everyone by utilising our proprietary technology.

It provides the UK’s first Direct Debit Travel Card, which connects directly to users’ existing bank accounts. There is no need to worry about inconvenient prepaid cards or different currency accounts because the company’s debit card works with the banking account.

James Lynn, Co-Founder of Currensea, comments: “This latest investment – which follows a hugely successful crowdfunding campaign earlier this year – is further evidence that there is a strong demand for an alternative to the foreign exchange trap that we’ve all been forced to endure for too long.

In the midst of the cost-of-living crisis, Currensea’s solution is also more relevant than ever. Every year, UK travellers waste £2.7B in foreign exchange fees by using their bank cards abroad. Currensea allows users to avoid these fees while still making overseas transactions directly and securely from their existing current account, eliminating the need to open a new bank account or worry about keeping a prepaid card topped up.

Dr Reuben Wilcock, Head of Ventures at Blackfinch said: “We were hugely impressed by the drive and ambition of the Currensea team, who have created the UK’s first direct debit travel card. It is exciting to be backing such a forward-thinking firm. The Currensea team has already built an impressive business and we’re delighted to be supporting their growth ambitions.” 

Richard Avery-Wright, the founder of 1818 Venture Capital, said: “We continually strive to invest in amazing founders who are passionate about disrupting the status quo in a positive and ethical way, such that society as a whole benefits. Our investment in Currensea exemplifies this brilliantly.

“We are thrilled that a Fintech company, such as Currensea, has successfully combined the convenience of open banking, significant FX savings when travelling abroad, and a seamless giving function to deliver on its strong societal purpose.”

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