Peer-to-peer currency exchange Weswap to list on Aim as it targets international expansion

Peer-to-peer currency exchange platform Weswap will float on London’s AIM next month, the company announced today, as it targets international expansion.

The UK fintech firm is aiming to raise between £15m to £20m, upping its market capitalisation to around £45m, to expand into the European and Asian market.

It is also seeking to develop new products such as travel insurance, business travel, VAT reclaim and travel-related money lending.

This year the company, which has raised more than £20m of venture capital funding to date, has seen a 71 per cent increase in new active users in July and August and has gained more than 375,000 users since its launch three years ago.

Weswap has introduced three products this year including allowing users to send money to friends through the mobile app, a currency buyback function and a tool to allow users to select a preferred exchange rate and swap the money when the pre-selected rate occurs.

Last year the firm launched a next day cash delivery service to allow customers to get foreign bank notes delivered to their homes, which attracted more than £2m in orders within the first three months.

Strand Hanson and Arden Partners are advising the company on the float.