freemarketFX, the peer-to-peer currency exchange has closed its latest Angel investment round and has surpassed its fundraising target to raise a final investment sum of £670,000. This brings the total raised by freemarketFX, in the last eight months, to just over £1.25 million. freemarketFX was publicly launched in January 2015.
The business was supported in its most recent fundraise efforts by VentureFounders, the UK based online equity investment platform. freemarketFX initially sought to raise £500,000 in this Enterprise Investment Scheme (EIS) eligible round, but has significantly exceeded this target.
The online currency exchange platform reduces currency exchange costs by matching companies and individuals directly with their peers. This model allows freemarketFX to remove intermediaries and cut out the financial and operating costs common to many traditional bank and FX broker models, so it can offer a fixed commission charge of 0.2%, which can save clients up to 75% on exchange costs. In a recent transaction a single client saved over £2,500 in cost on the purchase of USD $650,000 when compared directly to their bank.
Alex Hunn, chief executive of freemarketFX, said:
“This funding round, supported by VentureFounders, allows us to accelerate our already ambitious growth strategy and develop our team even further. We are delighted that VentureFounders are part of this investment round and look forward to working closely with them as we build our business.”
James Codling, co-founder of VentureFounders, added:
“VentureFounders is dedicated to supporting great, innovative British businesses. freemarketFX perfectly fits our strict investment criteria – its unique FX proposition is well placed in the market and the business has the backing of a strong management team led by Alex Hunn. Investors clearly agreed, as proven by freemarketFX significantly exceeding its target in this round.”