Currensee, a Forex trading social network that connects traders from around the world based on real-time trades, has secured USD8m in series B financing for total funding of USD12m.
Led by Northbridge Venture Partners, the round includes new investor Egan-Managed Capital.
Travis D. Connors, partner at Egan, will join the Currensee board of directors.
“Currensee is one of the most disruptive companies we’ve seen in the financial services sector,” says Jim Moran (pictured), general partner at Northbridge Venture Partners. “In a space that has been viewed as the Wild West for investors, the Currensee team has made tremendous progress — bringing transparency, collaboration and innovation to the Forex industry for the first time. As we look ahead, we’re excited to welcome Egan-Managed Capital as we work together to support the shake-up Currensee is creating in the world of Forex.”
Currensee enables members of its trader network to see each other’s actual trades and positions, trading strategies and performance to make more informed trade decisions.
Currensee traders from over 70 different countries have become members of the trading social network and linked their live brokerage accounts with one of the 100+ brokers supported by the platform.
The company recently announced the launch of the Currensee Marketplace, full MT4 support, the new Tweet My Trades feature and a partnership with Thomson Reuters IFR Markets.
“The Forex market is ready for change and we are now in an even better place to accelerate our international expansion and product development to bring that change to the market,” says Dave Lemont, chief executive of Currensee. “We continue to bring trust and transparency to Forex traders around the world and we’ve already seen broad traction from the traders who have joined our trading social network over the past year. We are ready to advance the platform, take the trader network to the next level and become the primary destination for Forex traders.”
With the financing, Currensee aims to accelerate expansion in the UK, Europe and Asia, where Forex trading continues to grow at a rapid pace. The financing will also fuel development of Currensee Market Watch, a real-time social sentiment indicator that shows what traders are doing based on actual trades.
In addition, the funding will drive the Currensee Trade Leaders programme, a Forex social trade automation service that allows traders to follow the most successful trade leaders in the Currensee platform and create their own Forex investment portfolios.
