Currency exchange platform CurrencyFair is to expand, targeting its next €1 billion in transactions in 2013. The Dublin company will also add to its workforce to support its growth.
The online market for foreign exchange transactions was set up in 2010, giving customers the option to deal directly with each other for foreign currency exchanges and cutting fees significantly compared to standard bank charges. CurrencyFair takes a small percentage of the agreed transactions and levies a fixed €3 fee.
Web summit makes profit
The companies behind the Dublin Web Summit and Founders recorded a combined profit of over €450,000 in 2011.
New accounts for the two firms behind the events show that they recorded combined profits of €459,841 in the 15 months to the end of December 2011.
The figures for Founders Events Ltd show that it recorded a profit of €324,225 while the Dublin Web Summit Ltd recorded a profit of €135,616.
The events are the brainchild of Paddy Cosgrove.
Trustev raises $300,000
Irish start-up Trustev has raised $300,000 in funding from angel investors. The firm, which uses “social fingerprinting technology” to provide real time identity verification, raised the money from both Irish and international sources.
Trustev is aiming to reduce the exposure of online merchants to ecommerce fraud. It analyses data from sources such as Facebook, Twitter and LinkedIn using proprietary algorithms to create a “trust profile score” that determines whether a transaction should proceed.
