CurrencyFair adds 50 jobs in Dublin

Foreign exchange group targets US expansion following planned large fundraising round

 

Money exchange platform CurrencyFair is to expand, adding at least 50 jobs in the next year as it moves to a new headquarters in Dublin and prepares to take on the US market.

The peer to peer currency service is taking over the former Bank of Ireland building beside the US embassy in Dublin 4.

The company currently employs around 80 people and is based in Ranelagh; the move will give it the capacity for up to 200 people.

“The office we’re in at the moment holds 65. We’ve got people standing up at desks,” said founder Brett Meyer. “We know it’s going to be at least 50 new hires next year, we just haven’t finalised the number yet. This gives the room for that and more, it triples our capacity.”

Mr Meyers said the company was hoping to name its new home the Fair Financial Services Centre, “in contrast to the status quo”, Mr Meyers said. It will open its doors on Monday, ahead of the opening of the Web Summit.

Until it needs the extra space, Mr Meyers said the company would occupy the first and second floor of the building and sublet the ground floor to a company involved in the fintech sector on a short-term basis.

CurrencyFair is targeting further expansion next year outside of Ireland with plans to break into the US market next year. That will come after a large fundraising round, Mr Meyer said.

Established in 2009, CurrencyFair offers consumers a way to avoid banks and higher fees when transferring foreign currency. It pitches itself as the cheapest way to transfer amounts of €2,000 or more.

Customers can exchange funds using a “money-matching” model to help them get the best exchange rate for 16 currencies. Among CurrencyFair’s target market are retirees and foreign property owners who regularly send £2,000 or more in the form of pay, pensions, mortgages and rents.

CurrencyFair currently has more than 100,000 customers and has facilitated the transfer of more than €2.5 billion.

The company is backed by Frontline Ventures and UK-based Octopus Investments, who both participated in its fundraising round of €10 million earlier this year.