Curren$eek is targeting to raise at least MYR300,000 ($69,320) and a maximum of MYR500,000 ($115,530) on the ECF platform over 60 days. On CrowdPlus.asia’s platform, the listing noted that Curren$eek is issuing between 9.09 per cent and 14.29 per cent of its equity for the ECF fundraising.
Curren$eek is a location-based currency comparison app targeting the travel industry by enabling travellers to find or negotiate the best rates on the go and save up to 30 per cent of their travel cash.
The app covers over 100 currency exchange outlets within greater Kuala Lumpur and KLIA1 & 2, with more locations to be added, CrowdPlus.asia said in a statement.
The app will displays “street rates” and not wholesale rates only offered to major financial institutions, and show the discrepancy between the best and worst rates in a geographical area. Additionally, users can check out the details of the exchange outlets with directions and contact information, and know in advance whether a forex provider is willing to negotiate.
There is also a community-building aspect to the app, as users have the option of rating and sharing feedback on the outlets and their latest rates with fellow travellers.
The startup is managed by Intuitive Asset Sdn Bhd, which is headed by co-founder Hakim Karim. Karim has worked at Accenture, Goldman Sachs, Thomson Reuters and four startups prior to Curren$eek. He is also the co-founder of GridMarkets, which provides global rendering resource leveraging the world’s spare server capacity.
Its core team includes Amir Haghbin, who has experience helping early-stage startups build products; David Oh who is an Intellectual Property (IP) and Intellectual Asset Management (IAM) expert; and Joann Soon who founded OweSome app which won the grand prize at Angelhack in 2013.
Curren$eek is among the finalists for the global NextBank FinTech start-up pitch competition, having won the Malaysia semi-finals.
CrowdPlus.asia noted that its ECF platform also has the unique Qualified Matching Investors (QMI) feature that will bring qualified mentors and investors across the region together for value creation and to enhance the success for companies funded through its platform.
“This fundraising campaign puts Curren$eek in a great position to scale its operations. Curren$eek takes the hassle out of locating and negotiating the best currency exchange rates in the Klang Valley, addressing a challenge faced by billions of travellers all over the world.
Over 25 million travellers to Malaysia could benefit annually from Curren$eek’s solution,” CrowdPlus.asia said in its statement.
Users can see all the rates on a map along with the disparity between the best and worst among money changers around town.
“Foreign exchange rates not only fluctuate from day to day, but can also vary significantly from one forex provider to another, travellers can save time and money as well as not having to worry that a better rate may be just around the corner,” CrowdPlus.asia added.