CurrencyFair, the world’s first peer-to-peer currency exchange marketplace, is to create 30 new jobs at its new purpose-built offices in Dublin. The roles will include a unique blend of coding and financial skills.
The company has been established with the vision that individuals and small businesses should have access to competitive exchange rates for international transfers that are normally reserved for big banks and businesses dealing in multi-million transactions.
CurrencyFair said money matching leads to unprecedented savings and control while cutting out unnecessary charges.
Irish people alone lost more than €100m in bloated fees this year on total global transfers in and out of Ireland of more than €2bn in 2012, on an average 5pc fee.
“Sending an average annual mortgage or rent payment home or overseas currently costs more than a family holiday in fees,” said CurrencyFair CEO and founder Brett Meyers.
“CurrencyFair costs no more than a family meal, up to 90pc cheaper than average bank charges. The days of banks charging up to 5pc while claiming no commission or free transfers are over.”
Since launching, the company has saved its customers €25m in bank fees and exchange rate charges based on total transfers of €600m.
Best location in the world for innovative tech start-ups
Welcoming the new jobs, Taoiseach Enda Kenny, TD, said: “Ireland has a growing reputation as one of the best and most exciting locations in the world for innovative technology start-ups.
“The establishment and rapid growth of CurrencyFair in Dublin is proof of that. The best advances in technology make the world a smaller place and the services provided by CurrencyFair will help people all over the world to transfer money cheaply,” Kenny said.
Enterprise Ireland’s manager in charge of Internationally Traded Services Jennifer Condon said the agency has worked closely with CurrencyFair in supporting its development.
“This is a highly ambitious and innovative company and we look forward to continuing to work with them on international markets,” she said.
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