CurrencyFair allows individuals and businesses to exchange currencies and send funds to bank accounts worldwide. It uses a unique person-to-person online marketplace to facilitate currency exchange between users, in a simple and anonymous fashion.
CurrencyFair's customers can exchange currency using a three step process.
Firstly, funds in the currency to be sold are sent by the customer to the corresponding CurrencyFair bank account. When received by CurrencyFair, they are credited to the users individual CurrencyFair account and made available for exchanging.
Secondly, available funds in a users account can at any time be exchanged by the user into another currency using the corresponding marketplace (for example GBP to EUR).
Finally, funds received from marketplace exchanges are available to be sent out to a bank account as instructed online by the customer.
Each currency exchange marketplace gives the customer a choice: exchange immediately at the best rate available or place an order at a better exchange rate and wait to be matched off by another customer exchanging on the opposite market. Funds that are placed unmatched on the marketplace are aggregated by rate, and may be matched in part or in full at any time. All exchanges are anonymous - the customer only deals with CurrencyFair.
CurrencyFair, a peer-to-peer currency exchange marketplace based in Ireland, has closed an €8 million ($8.8 million) funding round led by existing investors Octopus Ventures and Frontline Ventures. Founded out of Dublin in 2009, CurrencyFair serves as an affordable means for businesses and individua…
Ireland’s CurrencyFair, a peer-to-peer currency exchange, has raised €8 million in new funding and appointed Paul Byrne as its new CEO. The announcement was made today at the Web Summit in Lisbon. The funding round was led by previous investors Octopus Ventures and Frontline Ventures. New CEO Paul B…