CurrencyFair Rides Irish Fintech Wave With Money Transfer Market
Summary
And the typically poor exchange rates and fees charged by banks and other intermediaries can make international money transfers “a blatant rip-off,” in the blunt assessment by upstart Irish fintech company CurrencyFair.That’s why CurrencyFair’s four founders—three of them former bank employees, which they lightheartedly apologize for on their website—set out in late 2008 to create a simpler, faster, and cheaper system for international money transfers, using an online peer-to-peer marketplace.That frustration has made people more willing to try alternative financial services provided by tech startups like CurrencyFair, says Meyers, an Australia native who previously worked as a JPMorgan Chase analytics manager in Ireland for three years.London-based TransferWise offers a similar service and has raised money from high-profile backers since launching in 2011—reportedly $33 million from the likes of Richard Branson and Valar Ventures, which was co-founded by Peter Thiel.The company will seek regulatory approval to serve U.S. residents and to make automated clearing house (ACH) transfers that would mean zero receiving fees, he says.