Currensea -

What’s Vitras opinion on this company that’s raising: Seedrs | Currensea | Pre Registration

Do Vitra see them in a way as a competitor with different tech. Could Vitra look to apply some of the same?

4 Likes

They are completely different offerings.

All currensea is doing is giving you a card which you use overseas and they then using open banking know whether your bank account will support the transaction, so approve it and then capture the funds.

The vitracash offering is completely different and is using your credit or debit card and using standard charging.

3 Likes

I think Currensea is somewhat closer to Curve’s proposition than Vitracash. In fact, if Curve implemented OpenBanking as a payment option, Curve could mimic Currensea, and even down to the 0.5% FX fee :wink:

I can see how Currensea could benefit people who have only cards that carry high overseas fees (eg Lloyd’s Group or TSB debit cards). However, I think your typical Vitracash customer will have multiple cards and many will probably have at least one with no FX fees.

2 Likes

I don’t even think it is closer to Curve. Curve charges your debit/credit card when you make the transaction, just as Vitracash does.

Currensea is used by those who have bank accounts and don’t know better…

2 Likes