Travel debit card Currensea has raised over £1.7 million from 760 investors in just four hours on crowdfunding platform Seedrs.
Currensea initially sought a capital increase of £1m at a valuation of £28.5m.
The successful campaign comes after Currensea reached 100,000 cardholders in March and its money-saving app is now used every nine seconds worldwide.
The company claims to achieve savings of at least 85% on every foreign transaction by eliminating normal bank and other provider fees.
Currensea says the funds raised will support future customer acquisition and further development of its co-branded offering.
James Lynn, co-founder of Currensea, comments: “Consumer travel has almost fully recovered from the pandemic and the unprecedented investor demand for Currensea shows the need for a simple solution that eliminates foreign exchange fees and maximizes the value of our savings.”
In 2022, Currensea raised over £4.5 million through a crowdfunding collection from Seedrs, as well as VC investment from venture capitalists Blackfinch Ventures and 1818 Venture Capital. Since its launch, Currensea has raised a total of £11 million.