Currensea Exceeds Crowdfunding Goal in Four Hours Amid Travel Surge

London-based fintech Currensea has surpassed its online crowdfunding target within just four hours as the travel debit card company capitalizes on a resurgence in demand for overseas holidays. The firm raised £1.7 million from 760 investors on the Seedrs platform, surpassing its initial goal of £1 million and achieving a company valuation of £28.5 million.

Currensea announced it has extended its target to allow additional investment for a limited time, with plans to use the funds for future customer acquisition and further development of its co-brand offering. Since its launch in 2020, Currensea has raised a total of £11 million, including a £4.5 million round in 2022 involving Seedrs crowdfunding and investments from Blackfinch Ventures and 1818 Venture Capital.

The start-up claims to have saved travellers more than £4 million in foreign exchange fees with a card that saves at least 85 per cent on overseas transactions by cutting out normal fees levied by high street banks.

James Lynn, Currensea’s co-founder, commented: “Smashing our initial target in record time not only demonstrates phenomenal demand but also the strong investor belief in the scalability of our solution. Too many people feel ripped off by FX fees when abroad, our new investors have joined our mission to create a fairer model for travel money.”

Latest data from banking trade body UK Finance shows the UK’s international debit card spend was up four per cent in March compared to a year prior. Currensea said it surpassed 100,000 cardholders earlier this year and that the card’s monthly usage has doubled from last year.