Money-saving travel card Currensea raises £2.4m from investors

Travel card Currensea has followed on from its successful Seedrs crowdfunding campaign in June by raising an additional £2.4m from investors.

This latest funding, announced on Friday, comes from VCs Blackfinch Ventures and 1818 Venture Capital and will be used to fund hiring and reach 300,000 users by 2024.

Currensea isn’t a separate ‘banking account’ but instead links to a consumer’s existing bank account, and then works to reduce the high FX fees that are typically charged when travelling abroad.

The reductions range depending on the subscription tier customers opt for, from a set 0.5 per cent FX rate on Currensea’s free card, to a 0 per cent rate on its Premium £25/month card.

Customers then have the option to donate all or part of the savings on FX fees to good causes, including planting trees or removing plastic bottles from the ocean.

James Lynn, co-founder of Currensea, said the round 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.”

“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 has also been finding success via corporate partnerships, including with property giant Knight Frank, to offer ‘powered by’ branded cards that businesses and charities can issue and offer.