Travel direct debit card provider Currensea has closed a £4.55m funding round with the addition of a £2.4m boost to accelerate the fintech’s growth plans.
Founded in 2018, Currensea is a travel payments card that removes foreign exchange banking fees for payments made internationally.
Through open-banking technology, the Currensea card can be linked to a user’s current account to make payments directly without the need to pre-pay.
Currensea claims its fees for direct debit card purchases made internationally are at least 85% lower than high street bank cards.
“This latest investment 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,” said James Lynn, co-founder of Currensea.
“We know customers love the simplicity of our money-saving solution, and now it is clear that investors see it as the answer to a fairer travel money market.”
Currensea initially raised more than £1m through the crowd-investment platform Seedrs back in June and has since been bolstered with additional investments from Blackfinch Ventures and 1818 Venture Capital.
“We were hugely impressed by the drive and ambition of the Currensea team, who have created the UK’s first direct debit travel card,” said Dr Reuben Wilcock, head of ventures at Blackfinch.
“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.”
The new investment will go towards hiring, as well as the expansion of its branded card service, with which charities can be supplied with custom cards that allow people to donate directly to them with every purchase made.