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2010 Press Releases

Irish Start-Up Company CurrencyFair Announces its Global Launch on Australia Mission

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Minister Kelleher Leads 44 Irish Companies on Enterprise Ireland Trade Mission to Australia

The Minister for Trade and Commerce Mr Billy Kelleher T.D. today announced the global launch of CurrencyFair (www.currencyfair.com), an Enterprise Ireland high potential start up company, in the Australian market.

CurrencyFair, which became an Enterprise Ireland high potential start up in 2009, is the world's first online person-to-person foreign exchange marketplace.  It is an internet-based platform where users can trade currencies with other users, removing the middleman and saving on commission and other levies applied by traditional currency exchange providers.

Australia is the young company's first international launch.  CurrencyFair's strategy is to launch in a number of other geographic locations where there is a particularly high concentration of diaspora.  Australia is an appropriate first market as more than 20pc of the Australian population was born outside of Australia. 

Making the announcement, Minister Kelleher said:

"I am very pleased to attend the global launch of this highly innovative foreign exchange platform, Currency Fair.  CurrencyFair has been identified as a business of significant potential by Enterprise Ireland.    This is a significant step in Currency Fair's plans to internationalise their business.  I wish them continued success in their growth strategy that will enable them to take their place among the export-focused, technology-led companies that will lead Ireland's smart economy."

Brett Meyers, CurrencyFair's founder added: "I set up CurrencyFair to offer fair rates to both sides of the transaction and cut out the banks and other middlemen. It's a concept whose time is now - thanks to the power of the internet and it's near universal take-up."

Enterprise Ireland's Head of High Potential Start Ups Greg Treston added:

"High potential start ups such as CurrencyFair are the core of Ireland's vibrant entrepreneurial sector.  They are at the forefront of innovation, creating the products and services that add value for customers, opening new markets and increasing export sales across the globe.  This announcement by CurrencyFair is a fine example of this strategy in action and Enterprise Ireland is happy to support the company's export-led growth strategy."

The announcement was made during this week's Enterprise Ireland trade mission of 44 companies to Australia which concludes today.  The mission, which included Melbourne, Sydney and Canberra, involved Irish companies from a range of sectors such as software, financial services, telecoms, e-learning, life sciences and environmental services.

Irish enterprise exports to Australia are worth almost €200m per year making Australia the largest market in the Asia Pacific Region and the ninth largest export market in the world for Irish exporting companies.  Over 70 Irish companies have a physical presence in the market. 

ENDS

ABOUT HIGH POTENTIAL START UPS
Enterprise Ireland defines a 'high potential start up' (HPSU) as a company which is:

  • Based on technological innovation;
  • Likely to achieve significant growth in 3 years (Sales of €1m per annum and employment of 10);
  • Export oriented;
  • Led by an experienced team, with a mixture of technical and commercial competencies.

In 2009, Enterprise Ireland supported the establishment of 73 new high potential start-up companies (HPSUs) including CurrencyFair.  These young companies are an integral part of the Government's blue print for the Smart Economy.  They will create over 900 new jobs over the next three years, bringing total employment in these businesses to almost 1500.  Total sales over the same period are expected to reach €600m, with exports accounting for over 80% of this figure.

For further information contact

Brett Meyers. Managing Director, Currency Fair
+353 87 227 7741 brettmeyers@currencyfair.com

Envelop iconCiara O'Mahony, Press Officer, Enterprise Ireland
Tel:+353 1 7272284, Mobile:  +353 87 2043435