London based startup CurrencyTransfer seeks to democratize corporate foreign exchange. CurrencyTransfer is the world’s first venue for SME’s to access foreign exchange quotes from all your providers in one place. Interview below is with Daniel Abrahams, CEO and Co-Founder of CurrencyTransfer:
Q: CurrencyTransfer are helping to democratize business foreign exchange, tell us your story and something more about it?
A: Hey, thanks so much for having me on SuperbCrew, great site with some awesome founder stories.
Our story started out with the pain my Co-Founder and I felt with overseas payments. I was on an exchange program at the University of Sydney, and needed to make both tuition fee payments and buy travel money. I was horrified at the hidden fees and markups banks and bureaus were charging for the simple need to make a currency exchange. They would pump out big marketing slogans such as “We offer 0% commission” but really build in spreads of up to 5% of the value of your transfer! Stevan, my business partner felt the same pain when travelling around Europe. The whole industry seemed opaque and ripe for disruption.
CurrencyTransfer is built on three core principles: 100% price transparancy, access and customer choice. We’ve built the world’s first online marketplace matching our users with the most competitive international payment quotes. Customers can set up a payment, aggregate rates and book a transfer in less than 60 seconds (or the speed you’d send and receive a Whatsapp message!). If your a BP, Shell or Adidas trading hundreds of millions of pounds a year, you have access to price feed aggregation platforms. We simply want to democratise this down to the everyday SME, the heartbeat of the global economy.
In short, we see a world where making a foreign exchange payment is simple as booking a plane ticket online. Think Kayak or Expedia for currency.
Q: How big your team is? What is your main goal at the moment?
A: We’re an 8 person team. Our Sales and Operations are based in London, online marketing in Tel Aviv, with development in Bulgaria. As we onboard our first wave of early users, we’re super focused on creating the best possible user experience for customers looking to send money abroad. We know if they love our online marketplace, they’ll come back again and again. It’s pleasing businesses and recently individuals (we’ve since opened the platform to private clients) trading multiple times per month, emphasising stickiness in the venue.
The CurrencyTransfer product has been built from day one thinking ‘Lean.’ Feedback is critical for us, and we’re learning to love our early users, spending a disproportionate amount of time on each one to understand their needs and working out what they love and what they may find a tad clunky about the platform. We’ll continue to get rich user feedback, have discussion, and work every day to create the right blend of features.
Q: What we can expect from you in the next six months? What are your plans?
The good news is that we’re hiring! If your a smart Rails developer or commercially minded rockstar, we want to hear from you. We’re also busy preparing for our Series A round of funding, and we’re thrilled to have received a ton of inbound interest as a result of the early buzz we’ve built. Recently we were voted Wired Magazine startup of the week and have reached the final of the prestigious SWIFT Innotribe competition. The final is at SIBOS in Boston, and we’re getting super excited for this.
Q: How would you convince the reader to start using CurrencyTransfer in one sentence?
A: International payments suck, we cut the cost by 85% by inviting multiple foreign exchange companies to compete for your business!Activate Social Media: