The peer-to-peer start up said it will use the cash to launch in a new market and develop a range of products.
Travel money peer-to-peer platform WeSwap has launched a £2.3m fundraising to expand into Asia and develop new products.
The currency exchange start up said it was raising the cash on investment platform Seedrs.
The website matches travellers and allows them to swap currencies directly for fees that it says are up to 90 per cent lower than banks or travel bureaus.
WeSwap added that 500,000 users have traded over £250m in over 195 currencies since it launched in 2015.
The London-based business will use the cash to “launch in a brand new country before the end of the year”, it said in its Seedrs pitch to investors.
It added that it was working on a range of products such as travel insurance, and fair lending for holidays. The platform said these products “have been successfully beta-tested and we plan on launching these fully late 2019/early 2020”.
However, the start up added that the largest portion of the cash raised, 41 per cent, will be spent on marketing.
WeSwap founder and chief executive Jared Jesner said (pictured): “This latest round will allow us to launch a range of new WeSwap product innovations and expand into Asia.”
The platform has already raised £2.2m, or 97 per cent, of its target from just over 900 investors, at time of writing. The £2.3m figure the company is chasing is equivalent to 5.2 per cent of the business, giving it a £41.5m pre-money valuation. The offer remains open for another 59 days.
The platform added that the lead investor in this funding round is London-based investment house IW Capital, which focuses on backing fast-growing small firms. IW Capital has invested £1.7m in this funding round.