WeSwap, the world’s first peer-to-peer currency exchange platform, has hit £250 million in swapped currency.
WeSwap announced that £250 million in global currency has been traded since it first launched, making the company the first peer-to-peer travel money fintech in the UK to do so.
Based in London and launched in 2013, WeSwap is one of the UK’s leading high-growth fintech start-ups. It was recently named a “standout” prepaid travel money card by the Guardian Money.
Financial technology (fintech) is the technology that competes with traditional financial methods in the delivery of financial services. In addition to WeSwap, fintech companies such as Crowd Cube, Monzo and Funding Circle (LON:FCH) are leading the way, with Funding Circle even being the first UK fintech company to be listed on the London Stock Exchange.
Since WeSwap first launched, the company predicts to have saved its users roughly £9 million in what would have been lost in fees abroad and weak exchange rates.
Spending abroad can be rather costly for British consumers who are subject to high card fees. In 2018 alone, out of the £46 billion spent abroad by British consumers, WeSwap said that £28 million would have been lost in card fees.
“We’re incredibly proud to hit £250million swapped, but we’re not stopping there. The outbound travel market is enormous and increasing every year – consumer needs when they spend abroad are also rapidly evolving,” Jared Jesner, CEO and Founder of WeSwap, said in a statement.
“WeSwap plans to be there throughout holidaymakers’ journeys, and we’re currently working on pilots for new additions to the WeSwap portfolio like money transfers, fair lending for holidays, insurance and a subscription model,” the CEO and Founder continued.
The company has always planned to expand internationally, said Jared Jesner, “and now we’re on the cusp, with concrete plans in place to enter a major new international market.”
WeSwap believes that it is firmly established as one of the UK’s main innovators in foreign exchange, with over 30 travel industry partnerships, API integrations and a growing portfolio of travel-money products.
