Transferwise’s Irish rival CurrencyFair said it has raised 8 million euros investment round, and appointed Swede Nils Anden to head of its marketing.
CurrencyFair hopes appointment of former Unibet Group CMO Anden and new round of funding will give it an advantage over competitors at a time when the peer-to-peer currency exchange industry – with its notoriously controversial marketing campaigns – enters a more sophisticated marketing phase.
Anden says he sees a lot of similarities between the online gambling industry when he joined Unibet 10 years ago and the peer-to-peer currency exchange industry now. “Some early adopters and industry insiders saw the huge opportunity in online gaming and we embarked on some colourful marketing campaigns to get attention for the nascent industry. There are some rival companies in the industry to CurrencyFair making a lot of noise at the moment that have attracted early adopters away from the extortionate rates of the banks, but now it’s time for a more mature approach as more and more customers are realising the benefits of switching away from the banks.“
“Style gets you noticed but substance gets you remembered.”
The latest financing round, led by Octopus Venures, brings the total investment to date by CurrencyFair to over €20 million.
CurrencyFair’s more widely known rival Transferwise has raised $90 million and is known mostly for its colourful marketing campaigns.