WeSwap among first UK fintechs to apply for doubling of the EIS cap

WeSwap is one of the first batch of UK fintechs to apply for knowledge intensive EIS funding. Investors using the Enterprise Investment Scheme as a tax-efficient wrapper were rewarded with a surprise doubling of the investment limit as part of the 2017 Autumn Budget, as Chancellor Phillip Hammond announced he would double the maximum investment in EIS schemes from £1m to £2m, providing investors put money into “knowledge-intensive” companies. The submission follows WeSwap’s exponential growth figures of a 120% increase from 2016, with an £8m series B raise live for 2018. The high-growth SME has navigated an impressive path of alternative finance formats so far, from a landmark crowdfunding drive that saw the largest subscription uptake (3,500 WeSwap users) for any UK crowdfunding campaign to date, to its current series B and knowledge intensive milestone.

The travel money pioneer has traded £120m in currency since 2015 and services nearly 400,000 users worldwide, all of which fortify an impressive arsenal of global industry firsts for the North London scale-up, founded by Jared Jesner in 2011. The company is an excellent example, not only of the benchmark innovation the UK’s fintech sector has to offer, but also of how a strategic combination of debt, equity and private investment – when timed efficiently – can result in a truly outstanding SME growth story.

Powered entirely by people to people swaps, the currency exchange platform has doubled its volumes in 2017, with 46% of users converting from using traditional high street bureaux de changes for travel money, now using the WeSwap card. Having delivered consistently impressive metrics since its inception, WeSwap’s 30+ travel industry partnerships, API integration, and a growing hotbed of travel-money products, firmly secures its position as one of the UK’s leading innovator in foreign exchange. The company’s recent product launches include a next-day cash delivery service that has proved hugely popular – over £5 million already ordered – and a unique credit offering that is held at 0% for the first 30 days, allowing users to borrow as they spend.

As WeSwap enters 2018, further product features include a savings functionality, international money transfer, and the ability to spend in all currencies, in addition to APAC expansion. Additional features planned for early 2018 include:

 – A budgeting tool to help users plan their travel spending

 – A rate tracker to allow users to track exchange rate fluctuations

 – A “smart swap” feature that aids users in exchanging when the rates are strongest

 – A new app UX rollout

 – The ability to transfer and send money to friends and family

Jared Jesner, CEO and Founder of WeSwap commented:

“This is a really exciting time for the business, from launching a suite of brand-new products to growing the offer for business travellers. We’ve utilised a series of debt, equity and private investment routes to achieve some great milestones that we’re really proud of, today’s launch marks a significant shift in our growth plans. We want WeSwap to be funding the world’s travel adventures and our expansion into new markets such as Asia, the US and Australasia is a big focus in ensuring this happens”