CurrencyTransfer

CurrencyTransfer operates as an online marketplace for foreign exchange, functioning as an aggregator for both businesses and private clients. Founded in London in February 2014 by Daniel Abrahams and Stevan Litobac, the company was born out of the founders' personal frustrations with the hidden fees and lack of competitive options in international money transfers. Abrahams experienced these issues while studying in Australia, and Litobac encountered them while traveling in Europe. They connected through an online forum that matches technical talent with commercial co-founders and launched the venture to bring transparency and choice to the cross-border payments market.

The firm primarily targets small and medium-sized enterprises (SMEs), aiming to provide them with the same favorable foreign exchange services typically available only to large corporations. The business model is centered on its online platform where multiple, pre-vetted, and regulated foreign exchange brokers provide live quotes. This creates a competitive environment, enabling users to compare rates and book transfers in real-time. The company's revenue is generated through commissions on the transactions facilitated through its marketplace. Initially self-funded, CurrencyTransfer later secured angel investment and in July 2015, raised an undisclosed seed round from investors including Errol Damelin.

The platform's core service allows users to execute international payments by comparing live exchange rates from a network of integrated payment institutions. It provides tools for various needs, including spot transfers for immediate payment, and forward contracts that allow clients to lock in an exchange rate for up to 12 months, hedging against currency fluctuations. The system supports over 25 currencies and features a personalized dashboard for managing frequent payees and tracking payments. For businesses, it offers solutions for mass payments, such as automating payroll, and invoice processing. CurrencyTransfer emphasizes transparency by always showing the mid-market rate alongside the offered rate, ensuring there are no hidden fees. All payment partners within the network are regulated by authorities like the FCA.

Keywords: foreign exchange, B2B payments, SME finance, currency marketplace, cross-border transactions, fintech, payment aggregator, international transfers, hedging, spot transfers