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25th June 2019
P2P travel money provider WeSwap hits £250m in swapped currency
The world’s first peer-to-peer currency exchange platform, WeSwap, has announced that a staggering £250m in global currency has been traded since its launch, making WeSwap the first UK P2P travel money Fintech to do so.
With 30+ travel industry partnerships, API integrations, and a growing hotbed of travel-money products, WeSwap has firmly established its position as one of the UK’s leading innovators in foreign exchange. WeSwap has seen an uptake in interest, facilitating speedy innovation and overall growth.
In 2018 alone, British consumers spent £46bn abroad. Of this, a conservative £28m will have been lost in card fees, with the average fee to use a card abroad is 2.25 per cent and 61 per cent of foreign purchases are made with plastic rather than cash.
This is more if taking into account mark-ups charged by banks and foreign exchange bureaux. WeSwap estimates it has saved its community close to £9m in what would have been lost in card fees and poor exchange rates since its launch.
Jared Jesner, CEO and Founder of WeSwap, said: “We’re incredibly proud to hit £250m swapped, but we’re not stopping there. The outbound travel market is enormous and increasing every year – consumer needs when they spend abroad are also rapidly evolving.
"WeSwap plans to be there throughout holidaymakers’ journeys, and we're currently working on pilots for new additions to the WeSwap portfolio like money transfers, fair lending for holidays, insurance and a subscription model.
"We’ve also always planned to expand WeSwap internationally, and now we’re on the cusp, with concrete plans in place to enter a major new international market. This is a really exciting time for the business.”