Money Mover bids to raise £500k in Cambridge FinTech sector
Money Mover, a Cambridge UK startup bidding to disrupt the FinTech (Finance Technology) sector, is set to launch a funding round to raise £500,000.
Founded last November, the company provides an online foreign currency exchange and global payments platform for SMEs and ‘mass affluent’ private individuals – and claims the service can potentially save clients thousands of pounds in fees and commission.
Hamish Anderson, formerly head of Prime Finance Sales at HSBC, Andrew Comber, an internet business owner and experienced web-development project manager, and a senior Dubai-based investment banking head, have founded and seed-financed the business.
SMEs in the UK accounted for 48.1 per cent of private sector turnover of £3,300 billion by the beginning of 2013 and trade about 19 per cent of revenue a year in foreign currencies – equating to £302bn in the UK alone. The mass affluent segment represents about 361 million people globally, with Europe having the highest number of mass affluent individuals.
Anderson, who is CEO, said: “The currency markets continue to best serve banks and multinational corporations exchanging and transferring large amounts of money. SMEs, which typically make larger value, less frequent payments, are left facing steep charges for the services, which significantly impacts on their profitability.
“We founded Money Mover because it was an issue we had all come up against in both our personal and professional lives and we were fed up of seeing small organisations penalised because there was not an easy, simple and inexpensive solution to the problem.”
Money Mover facilitates payments in a variety of currencies.
“Money Mover is a technology company as much as it is a financial services company,” says Anderson. “As such our platform has been built to reflect the highest standards of security, user experience and technical development.”