Dublin-based financial technology company CurrencyFair has raised €10m in new funding to support its expansion.
CurrencyFair matches people in different countries looking to send money across borders. By operating what is known as a peer-to-peer foreign exchange market it aims to reduce the transaction costs and commissions charged by banks for international money transfers. CurrencyFair has already matched more than $1 billion worth of transfers at an average fee of less than 0.5% of the amount transferred which, it says, is up to 90% lower than the commission charged by financial institutions.
CurrencyFair founder and chief executive Brett Myers says that the new investment will be used to expand the company's staff numbers. It already employs 45 people in Ireland and plans to increase that by 50. He says CurrencyFair is regulated by the Irish Central Bank, as well as its counterpart in Australia. Its CEO says that while the company is looking at some new markets, its core focus will remain on Ireland, the UK and Australia.
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