Israeli firm TravelersBox secures $10m Series A led by Arbor Ventures

Visual of TravelersBox website. January 2016

Israel-based TravelersBox, a foreign currency exchange service set up in 2012, has secured a $10-million series A round led by Arbor Ventures.

Existing investors in the venture who participated in this round include Pitango Venture Capital, IPE Ventures, Pereg Ventures, iAngels, and Global Blue. This brings total funding raised by TravelersBox to $15 million.

No post-money valuation was disclosed by the venture, which was founded by Tomer Zussman, Idan Deshe, and Dror Blumenthal. It produces and deploys kiosks that allows travellers to deposit foreign currency and redeem it for various services, such as Skype credits or charitable donations.

It has deployed 75 kiosk machines at airports in Israel, Canada, Turkey, the Philippines, Canada, Georgia, and Italy where users can deposit their leftover currency and transfer them either to a PayPal account or for other gift cards. The company has partnered with retailers like H&M, Barnes & Noble, CVS, and many others to let users choose where they want their cash sent.

Supporting an array of currencies, from the Russian ruble to the Euro, Turkish lira, US dollar and Philippine peso, the venture monetises by collecting between 3 to 10 per cent of a transaction, depending on the amount, when a currency is converted and transferred onto the desired payment method.

The rates used are concurrent with up-to-date market rates. Since launching in 2012, TravelersBox claims to have facilitated millions of transactions across their different locations. The investment will see TravelersBox expand to Asia and open an Asia Pacific office, as well as expand the scope of their operations with the addition of 200 to 300 kiosks by the end of 2016.

The investment will also see them expand their technical, sales, and marketing teams, as well as set up kiosks in Japan, India and Hong Kong. Commenting on this to Tech in Asia in an interaction, Zussman, who serves as CEO, said, “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.”

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.