Tuesday, 7 November 2017

£8 million series-B investment ramps-up for UK fintech star

Okay, okay. Right. Does that make any sense to anyone? I know it's about fintech, dear reader(s). I know that much. 'The clue is in the title, boss. And I'm sure there's more to it. You're just being awkward again.' Ha! Well, they're the ones being awkward, Voice, because I want PR emails about new hedge funds launching, yeah? But all I get is this fintech stuff. 'Boss, come on, that's all there is nowadays. No one is launching new hedge funds no more.' Christ! What a world! 'Have a chat with Jared Jesner. Or Luke Davis. Maybe they'll explain everything.' No. No. Let's just do this.

Peer to peer currency exchange platform WeSwap today [uh, yesterday] announced £100m in global currency traded, chiming with the launch of its £8m series B investment round led by Mayfair based private equity firm IW Capital. Having displayed exponential revenue growth of 116% in the last year alone, the series B raise will serve as the primary driver in continuing WeSwap's seismic shifts thus far. Equipped with an impressive arsenal of global industry firsts, the p2p platform today publicly announced a staggering £100m in global currency traded since its inception. Following WeSwap's landmark crowdfunding drive that saw the largest subscription uptake to date for any UK campaign - formed of 3,500 investors all of whom are users of the platform - the fintech pioneer has consistently delivered impressive metrics since its inception. With 30+ travel industry partnerships, API integration, and a growing hotbed of travel-money products firmly securing its position as one of the UK's leading innovators in foreign exchange, the current series B round follows a spectacular summer of product roll-outs for the company. Recent launches include a next-day cash delivery service that has proved hugely popular - over £5 million already ordered - and a unique credit offering that is held at 0% for the first 30 days, allowing users to borrow as they spend.

Well, okay. I'm none the wiser, me. 'Bloody hell! Speak to Jared and Luke about it.' No! 'Why not?' It's not my thing, man. / We'll hear what they had to say though ...

Jared Jesner, CEO and Founder of WeSwap commented:  

"This is a really exciting time for the business, from launching a suite of brand-new products to growing the offer for business travellers. We've utilized a series of debt, equity and private investment routes to achieve some great milestones that we're really proud of, today's launch marks a significant shift in our growth plans. We want WeSwap to be funding the world's travel adventures and our expansion into new markets such as Asia, the US and Australasia is a big focus in ensuring this happens."

Luke Davis, CEO of IW Capital said:

"WeSwap is an excellent example, not only of the benchmark innovation the UK's fintech sector has to offer, but also of how a strategic combination of debt, equity and private investment - when timed efficiently - can result in a truly outstanding SME growth story. We're proud to have supported WeSwap from the very beginning, and I am very excited to see the plans post the series B raise come into fruition across the next year."

Well, as long as they're happy, you know? / I reckon I'll go looking for news tomorrow. A bit of research, like. There's got to be some new hedge funds out there somewhere.


Anything else? Politics? What about this government, eh? Every day there's some new disgrace.

Personally, I don't give a shit. I got my music. That's all I care about now.

The world can do one.