Currency Exchange Startup uChange Completes Seed Round
Currency exchange platform uChange has recently completed a seed funding round of $500,000, according to the company.
UChange is an Israeli based app that connects two people in close proximity to each other who are holding opposite currencies and want to exchange the same amount of cash.
"We are on track to raise $1.5 million for our next round, which will give us the power to sign up multiple cities, one at a time. NYC-London-Dubai being our first," said uChange CMO Sam Schubert.
The platform offers no fees, no commission; uChange is a communal platform for two traveling tourists in the same city to connect and make a cash exchange between themselves. Rates are provided in real time and exchangers are expected to save between 5–13 percent on their transactions. About 1,000 users are on the platform at time of publication, according to Schubert.
"The present goal is to make the App as user and communal friendly as possible. After we acquire 500,000 users we will have the room to decide how we want to make money off of the user base as well as the direction to take it. The future goal is to turn this traveling community into a cashless exchange market based off of the real market rate," added Schubert.
UChange is on track to become the first large international brand in person-to-person foreign currency exchange.
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email firstname.lastname@example.org with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.