Quayle Munro is pleased to announce that it has advised WeSwap, the first social currency exchange platform for travel money, on raising growth capital from Ascot Capital Partners (“Ascot”).
WeSwap enables holidaymakers, expats, international students and business travellers around the world to exchange their different currencies at a fraction of the typical cost of foreign exchange, by matching individual needs through the WeSwap currency exchange platform.
The WeSwap platform provides flexibility to the customer by allowing travellers to hold multiple currencies in an online wallet managed through smartphone, tablet or desktop devices and a MasterCard which allows customers to withdraw cash from an ATM or to make card payments overseas.
The market for travel money is vast, with over one billion travellers exchanging hundreds of billions of dollars across the globe each year. The capital raise provides WeSwap with additional investment to expand its activity in existing and new countries, innovate and broaden its product set and build further data analytics capability.
Jared Jesner, CEO and Founder of WeSwap, said: “We are delighted to complete this capital raise and look forward to implementing our rapid growth plans for WeSwap with Ascot’s support. Quayle Munro’s knowledge of our business, the market and introduction to Ascot were fundamental in achieving this outcome.”
David Page, CEO of Ascot Capital Partners, said: “WeSwap is a prime example of the type of entrepreneurial business where we can make a real difference. We have been highly impressed by Jared and his team and look forward to working together to build the business, taking advantage of a considerable opportunity. It is also great to add to our existing relationship with the Quayle Munro financial services team.”
The transaction adds to the Financial Services team’s track record of advising foreign exchange businesses, following the sale of Moneycorp to Bridgepoint in 2014.