Funding Received
$4.8 Million in 7 Rounds from 2 Investors
Most Recent Funding
$2.5 Million on November 4, 2013 / Undisclosed Round
Founded:
April, 2009
Headquarters:
Dublin
Description:
CurrencyFair is a P2P online marketplace enabling individuals and businesses to exchange currencies and send funds to bank accounts.
Categories:
Peer-to-Peer, Virtualization, Finance
Website:
http://www.currencyfair.com

Detailed Description

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CurrencyFair allows individuals and businesses to exchange currencies and send funds to bank accounts worldwide. It uses a unique person-to-person online marketplace to facilitate currency exchange between users, in a simple and anonymous fashion.

CurrencyFair's customers can exchange currency using a three step process.
1) Funds in the currency to be sold are sent by the customer to the corresponding CurrencyFair bank account. When received by CurrencyFair, they are credited to the users individual CurrencyFair account and made available for exchanging. 2) Available funds in a users account can at any time be exchanged by the user into another currency using the corresponding marketplace (for example GBP to EUR). 3) Funds received from marketplace exchanges are available to be sent out to a bank account as instructed online by the customer.

Each currency exchange marketplace (for example GBP to EUR) gives the customer a choice: exchange immediately at the best rate available (usually no worse than 0.5% from the interbank rate, and sometimes better than the interbank rate), or place an order at a better exchange rate and wait to be matched off by another customer exchanging on the opposite market (for example EUR to GBP). Funds that are placed unmatched on the marketplace are aggregated by rate, and may be matched in part or in full at any time. Unmatched orders can be cancelled or amended at any time. All exchanges are anonymous - the customer only deals with CurrencyFair.

CurrencyFair is regulated by the Irish Financial Regulator as an Authorised Payments Institution under the European Payment Services Regulations 2009. Authorised Payment Institutions (as opposed to Small Payments Institutions) are required to provide safeguards around client funds during the exchange and transfer process. CurrencyFair maintains segregated client accounts, and client funds are never commingled with CurrencyFair's own money. This means that in the unlikely event of CurrencyFair encountering difficulties in operation, all client funds remain ring-fenced and would be returned to customers, not used to settle CurrencyFair's obligations.

Current Team (4)

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Past Team (1)

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Funding Rounds (7) - $4.8M

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Investors (2)

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  • 863daa91a3ecb96fed179502587ff7a3

    Frontline Ventures

    We are a pioneering early-stage venture capital firm, believing in ideas and investing in passion.
  • 433f38846d632daf957e50005ce153cd

    Enterprise Ireland

    Enterprise Ireland is the government agency responsible for the development and promotion of the...

Offices/Locations (1)

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  • First Floor

    Westmoreland House, Westmoreland Park

    Ranelagh

    Dublin, D6

    IRL

Competitors (3)

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  • Ca082f711aa3adf87ffcbba62a21359a

    Azimo

    Azimo is a payment processing company providing internet and mobile based inter-country consumer...
  • 7636f8ad717c69cf468a6499aecb926a

    peerTransfer

    peerTransfer offers an international student payment solution that enables payments in home...
  • 0878a48a59dc22b23abf8fc02af439c6

    TransferWise

    TransferWise is a peer-to-peer money transfer service allowing foreign students and businesses...

Images (1)

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  • A18ccd709d2c53a7a55395a5599ae654