Currensea is a new travel debit card that connects to your high street bank account and saves on charges.
Business overview
Location | London, United Kingdom |
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Social media | |
Website | currensea.com |
Sectors | Finance & Payments Digital Mixed B2B/B2C |
Company number | 11413946 |
Incorporation date | 13 Jun 2018 |
Investment summary
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
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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