TravelersBox raises $10 million from VCs to expand foreign currency deposit kiosks

Israeli tech startup TravelersBox, which helps travelers deposit the foreign currency coins and bills left after a trip, has announced the closing of a $10 million series A funding round led by Arbor Ventures.

Existing investors, such as Pitango Venture Capital, IPE Ventures, Pereg Ventures, iAngels, and Global Blue, also participated in the funding.

Tomer Zussman, founder and CEO of TravelersBox, was quoted by Tech in Asia as saying,

“There are more than 3 billion international travelers every year, and our mission is to provide an easy way for those travelers to regain the lost value of their unused foreign currency.”

The kiosks of the company, which are present in Italy, Canada, Turkey, Georgia, Israel, and the Philippines, enable travelers to deposit their leftover foreign currency and redeem it for a variety of things, ranging from Skype credits, to Paypal gift cards, and charitable donations. In Israel, it’s also possible to process direct bank transfers.

Dror Blumenthal, chief marketing officer, told Tech in Asia that the company plans on deploying 200 new machines this year, with the expansion to focus on Asian markets. TravelersBox is about to open kiosks in Japan, India, and Hong Kong.

Reuters estimates that TravelersBox has raised $15.5 million to date.

Read Also:

LeapRate is an independent research and advisory firm, specialized in covering the world of Forex trading. We are followed by hundreds of thousands of traders, investors and other FX industry participants via our website, Facebook, Twitter, LinkedIn, RSS and Email Newsletter. Copyright © All rights reserved Finaffiliates Limited Website:
https://finaffiliates.com CEO: Jason Hopgood Company number: 14540579 VAT identification number: GB 431522433

Location: Finaffiliates Limited, Lawrence House, 5 St. Andrews Hill, Norwich NR2 1AD, United Kingdom
Email: [email protected]

SUBSCRIBE TO OUR NEWSLETTER

IMPORTANT DISCLAIMERS

Foreign exchange trading comes with high level of risk. Before investing in foreign exchange, carefully consider your level of experience and risk appetite. CFDs are complex instruments and bring high risk of losing money because of the leverage they provide. No information or opinion contained on this site should be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. Past performance should not be considered evidence or guarantee for future performance. Between 74 and 89% of retail investors accounts lose money.