Currensea is the UK’s top rated travel debit card, which works with your existing bank account.
Business overview
| Location | Berkhamsted, United Kingdom |
|---|---|
| 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 Direct Debit Travel Card
- Over 120k cardholders
- Growing by over by 8k cardholders per month*
- Used every 9 seconds somewhere across the planet**
Key features
Pitch
About the Campaign
Fed up with bank charges when spending abroad, the founders had tried pre-pay cards and secondary bank accounts. But the faff of endless topping up, separate balances, and embarrassing card declines meant these options became a pain.
Currensea is the UK’s first direct debit travel card. It works directly with your existing bank account, so you can simply spend abroad as you do at home - But without the bank fees.
*Based on March - May 2024 performance.
**Company calculation based on April 2024 transaction data.
Market Opportunity
87% of UK adults bank with the 6 largest bank groups (Mintel, 2022). And just 22% go through the hassle of having a secondary bank account with one of the challenger banks (which could reduce FX fees)*.
That’s why we calculate that UK cardholders pay £2.7 billion in bank fees every year when spending abroad. We’re here to change that.
*Based on a 2024 survey of 2,000 users by Seven Consultancy.
Traction & Key Accomplishments
Accelerating Growth: 2024 Second Quarter Highlights
We've hit critical mass:
Customer Reviews
Media Reviews
The Platform - Driving Future Growth
Co-Brands
In addition to our core travel brand, our innovative technology platform has enabled us to bring the benefits of Currensea to other organisations:
NEWSFLASH:
In Q4, we’re launching our most exciting co-brand yet with a global hotel group. We can’t say more yet... so watch this space!
Credit Builder:
In 2023 we launched a new product on the platform - BuildMyCreditScore. On average it has helped to increase consumer credit scores by up to 52 points, or 11.8%, in 3 months. So it’s transforming peoples lives, while also generating solid revenues.
Environmental
We’re firm believers in giving something back and so are many of our customers. This is what we’ve achieved together:
Our Credentials:
• Authorised and regulated by the FCA
• Mastercard Principal Issuer
• Regulated Open Banking provider
• European Payments License application underway
Team
We believe our team has the all the industry experience we need to disrupt the market and drive extraordinary returns:
Business Model
Currensea has multiple revenue streams:
• Interchange - paid to Currensea by the merchant when the card is used
• FX - a 0.5% spread over the Interbank rate on our Essential card
• Subscriptions - annual charges for our premium cards
• Transfer FX - a 0.5% spread on international transfers
• CoBrands - subscription based revenue
But also low costs - We’re scaling fast and maintain our top customer ratings, but still have less than 25 team members. Our focus is on automating and staying lean.
Use of Funds
This investment round focuses on our aim of taking Currensea to profitability by the end of 2025. To achieve that, we intend to use the funds for:
• User Acquisition - We’ve cracked the marketing and growth is accelerating. We're aiming for more than 3x cardholders by the end of 2025.
• Product - Further enriching our travel card, to make it into the de-facto traveller’s choice.
• Co-Brands - Powering more partnerships with global brands.
• International - Opening an office in Europe to unlock EU markets.
Key Information
Share Classes:
The company currently has 2 classes of shares, Ordinary shares and A Ordinary shares. All investors in this round, including Seedrs investors, will be receiving A Ordinary shares.
Both classes have voting and dividend rights, however A Ordinary Shares benefit from an EIS compatible 1x non-participating preference on liquidation and exit. A Ordinary shareholders will therefore first receive their initial investment amount before the remaining proceeds are distributed between all shareholders pro rata, unless they would receive a better outcome if all proceeds were to be distributed pro-rata to shareholdings.
Debt:
The Company has no debt facilities in place. The debt outlined in the Key Investment Information Sheet attached to the campaign accounts for short-term trading liabilities such as trade creditors and accruals in the ordinary course of business.
Open an account to get access to the team members of Currensea
Already have an account? Log in
To comply with financial regulations, we can only show full campaign details to registered users.
Only shareholders can access this page
If you successfully purchase a share lot of this business, you will be granted access.
Buy sharesOnly shareholders can access this page
If you successfully purchase a share lot of this business, you will be granted access.
Buy sharesOnly shareholders can access this page
If you successfully purchase a share lot of this business, you will be granted access.
Buy sharesOnly shareholders can access this page
If you successfully purchase a share lot of this business, you will be granted access.
Buy shares