Dublin based peer-to-peer currency exchange, CurrencyFair, has raised €10 million in funding to expand its business.

The funding round was led by Octopus Investments and Frontline Ventures, which had previously invested in the company.

The fresh capital brings to €14 million the amount already invested in the company.

CurrencyFair matches people around the world who wish to change one of 16 currencies into another one.

By cutting out the middleman, the company claims the transaction costs compared to traditional banks and money exchanges are much lower.

Early last year CurrencyFair says it became the first platform in the world to break the $1 billion barrier in money-matching transfers.

The company was founded by Brett Meyers, Sean Barrett and Jonathan Potter.