Currencyfair Secured $ 35 Million Investment From Merger With Australian Company
Currencyfair, the Dublin-based fintech company, has received a $ 35 million (€ 30 million) investment from UK financial services giant Standard Chartered.
The investment was agreed upon in Currencyfair’s merger with Australian fintech firm Assembly Payments, announced in April.
Company registrar files released last week revealed details of the deal. They showed Standard Chartered made the $ 35 million investment, while companies such as Dax Ventures and Kima Ventures also received shares.
In a blog post published by Currencyfair in April, the Dublin-based fintech company said it would merge with Assembly Payments “following a strategic investment from Standard Chartered Ventures.” Financial details of any investment made by Standard Chartered, which partially owns Assembly Payments, were not disclosed.
Paul Byrne, president and CEO of CurrencyFair, who will lead the new business, said the merger was a “natural development” for the company at the time of the announcement. The number of employees will increase from 85 to 160. It also plans to grow to over 450 people over the next four years.
CurrencyFair, founded in 2010 by Brett Meyers, provides a money exchange platform for consumers and businesses to help them avoid large fees for exchanging foreign currencies.
Assembly Payments was founded in Melbourne in 2013. It helps customers automate payment workflows and reduce the complexity of running a business. Standard Chartered invested in it in 2020.