Peer-to-peer forex platform WeSwap reaches $317mn milestone

WeSwap, the world’s first peer-to-peer (P2P) currency exchange platform, has announced a significant milestone.

The UK fintech revealed on Thursday that a total of £250mn (US$317mn) had been traded on its platform.

The company is the first travel money fintech in the country to reach such a milestone. WeSwap aims to helps travellers save money on transactions which in turn makes tourism more affordable. It says that last year £46bn was spent by British consumers abroad, and estimates more than £28mn of this was lost in fees.

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Jared Jesner, CEO and Founder of WeSwap, said: “We’re incredibly proud to hit £250mn 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.”

The platform works by matching travellers going in opposite directions, allowing returning tourists to swap the money they no longer need with outgoing tourists who wish to convert to local currency for their trip.