Emerging market payment specialist Kwanji has closed its first crowdfunding round, exceeding its initial target of £400,000, and finishing 123 per cent overfunded.
Earlier this month, the company announced it had raised £496,682 on SyndicateRoom, an equity crowdfunding platform based in the UK.
CEO and founder Leslie Onyesoh says he was ‘honoured’ by the support the campaign generated: ‘The West is in the midst of a revolution in forex delivery, yet there’s been little to no crossover for those in the emerging markets,’ he said.
‘Many investors on SyndicateRoom had first hand experience of this pain which quickly validated our proposition for delivering optimised and equitable FX pricing direct to businesses in the emerging markets.’
Kwanji aims to use the funding to scale and accelerate its growth into new markets, helping businesses easily access the best FX rates regardless of size or location.
Goncalo de Vasconcelos, CEO of SyndicateRoom, said: ‘Kwanji is a fantastic UK-based fintech business, which helps SMEs save significant amounts of money on their cross-border FX charges. Its rapid growth offers a really exciting proposition for investors as it continues to expand its platform and launch in new territories.’
Watch Leslie talk about Kwanji in an interview on AB2020 here