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.