Wirex closes £3.7m crowdfunding campaign

Crypto and fiat currency payments provider Wirex has closed a £3.7m crowdfunding campaign on Crowdcube 15 days ahead of schedule after beating its initial target by 370 per cent.  

Wirex currently has a pre-money valuation of £125m and has over three million customers who use its multicurrency card to store and pay with both fiat and cryptocurrencies across 130 countries around the world. 

The cash raised will be used to expand the fintech’s product offering and launch five new currencies on its platform in Eastern European countries. 

The company will also use the fresh funds to launch its multicurrency Mastercard card and upgrade its rewards scheme, as well as expand into the US and Japan, a  move which it hopes will help it reach its goal of 10m customers by the end of 2021. 

The campaign garnered support from nearly 7,000 investors and was the best performing crowdfunding effort by a crypto-based company ever. 

Pavel Matveev, CEO and co-founder of Wirex, said: Our mission is to democratise access to cryptocurrency, and this successful crowdfunding campaign is one step further in achieving this goal.”