CurrencyFair to waive fees to help 500 Irish businesses increase exports

28 Apr 2016

Fintech start-up CurrencyFair is to waive money transfer fees for 500 Irish businesses in order to boost exports and create jobs

Dublin-based fintech start-up CurrencyFair has embarked on an initiative involving free money transfers to help 500 Irish businesses grow their exports in international markets.

The company said that, from today (28 April), it will be giving a year’s worth of money transfers without fees to 500 export businesses.

The campaign aims to challenge financial institutions’ current high currency exchange rates.

‘Ireland is an exporting country and fintech companies and SMEs should be helping each to create more cashflow to compete abroad’

CurrencyFair CEO Brett Meyers said that the intention is the local businesses could use the money they save to grow jobs.

“Ireland is an exporting country and fintech companies and SMEs should be helping each to create more cashflow to compete abroad,” Meyers said.

“Recently, Cork-based Teamwork launched their ‘Teamwork for Startups’ campaign, where they gave away free software to SMEs, and we want to build on their example. Irish companies can take over the world. The banks can’t get rid of high rates but we can, so CurrencyFair wants to help startups and SMEs grow.”

The sharing economy

A former Start-up of the Week, CurrencyFair was founded in 2010 and has surpassed the $1bn barrier in terms of money-matching services.

Irish Internet Association CEO Joan Mulvihill said it that seeing Irish businesses helping other Irish businesses is a welcome development.

“CurrencyFair has always been a sharing economy company and this super initiative is a natural expression and extension of this. It presents a great opportunity for Irish companies to send money cheaper than anyone else on the planet,” Mulvihill said.

CurrencyFair announced 50 new jobs at its Ballsbridge headquarters in Dublin last October.

Last month, the company raised €8m in a funding round led by Octopus Ventures and existing investors, including Proxy Ventures, bringing the total amount of investment in CurrencyFair to €20m.

FX image via Shutterstock

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years