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Currensea

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Currensea is a new travel debit card that connects to your high street bank account and saves on charges.

154%
£1,000,010 target
£1,545,764 from 440 investors
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Business overview

Location London, United Kingdom
Social media
Website currensea.com
Sectors Finance & Payments Digital Mixed B2B/B2C
Company number 11413946
Incorporation date 13 Jun 2018
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Investment summary

Type Equity
Valuation (pre-money) £16.5M
Equity offered 8.57%
Tax relief

EIS

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Business highlights

  • The UK’s First Open Banking Debit card
  • Authorised by the FCA and a principal member of Mastercard
  • One of the few fintechs to build their own cloud payment platform
  • 2022 Q1, customer spending has grown by over 35% month on month
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Key features

  • Secondary Market
  • Seedrs nominee min. £11.02 +

Idea

Introduction

Spending abroad should be a breeze.

That’s why we launched Currensea, the UK’s first direct debit travel card—empowering customers to spend abroad as they do at home, without the bank fees.

We calculate that UK cardholders pay £2.7 billion in bank fees every year when spending abroad. One way to stop these charges is to switch to a challenger bank, but that means having to run a second bank account. This might be why we estimate that only 0.2% of UK adults switch each year.

Those days are over. Currensea bridges the gap.

Forget managing another account, constantly topping up and losing track of your balances. Currensea makes it hassle-free! The card seamlessly connects to an existing bank account, and simply removes the bank fees when you spend overseas.

We’ve changed the goalposts here, so we thought it only fair to share the benefits. Hence we’ve opened up the platform for other organisations to use, mixing profit with purpose, and generating revenue streams for great causes:

Monetisation strategy

Currensea has multiple revenue streams:

• Card interchange (paid by the merchant when the card is used)
• Card FX (a 0.5% spread on our Essential card)
• Subscriptions (the annual charges for our premium and Elite cards)
• Transfer FX (a 0.5% spread on international transfers)

But also low costs:

Holding a customer's money is expensive. Regulation, financial crime, cyber etc. The risks are just so high. We’ve built our technology to be as secure as any bank, but unlike challenger banks or pre-pay cards, we don’t hold our customers money, so we don’t have those massive costs. We reckon high street banks are pretty good at doing that, they’re just not so good at some of the other things.

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Investing carries risks, including loss of capital and illiquidity. Please read our Risk Warning before investing.

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited ("Seedrs"), which is authorised and regulated by the Financial Conduct Authority. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Seedrs platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Seedrs platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Seedrs does not make investment recommendations to you. No communications from Seedrs, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Seedrs does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Seedrs, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £16,500,004

Pitch type

There are 5 types of investment pitch available on Seedrs.

  • Equity
  • Convertible
  • Fund
  • Cohort
  • Secondary

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

Learn more about pitch type on Seedrs

Seedrs nominee

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Seedrs nominee.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This shareholding type is available and the minimum investment required to select it.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.