The investment by Frontline Ventures will be used to roll out a number of significant product enhancements and new features for the peer-to-peer currency exchange service.
“The banking industry is going through the most significant disruption for years and CurrencyFair is at the forefront of the revolution,” said CurrencyFair chief executive Brett Meyers, who is an Australian ex-pat living in Ireland.
“The investment will provide us the opportunity to increase our awareness amongst our potential customer base and further develop and enhance our platform to ensure we continue to offer the best quality service to our customers.”
CurrencyFair works by allowing individuals to “cut out the middle-man” in exchange to obtain the best possible rate for 17 currencies.
Since launching in 2010, it has secured more than $4 million in funding and transferred more than £500 million globally.
“We first discovered CurrencyFair when we became users of the service for both personal and business transactions,” Frontline Ventures partner Will Prendergast said.
“We found the offering so compelling that we moved to an investment and are very excited about the future for this company.”
