Currency exchange app WeSwap has achieved its £2.3m crowdfunding goal on the Seedrs platform after hitting 500,000 users.

The round only launched on July 8th but has already reached the goal. It is intended to fund the development of new products and an expansion of its travel money technology into the Asian market.

Some of its new products, including a travel insurance feature, could be launched at by the end of year, the company said.

The raise will support an investment round led by IW Capital, which has invested an additional £3.7m.

The London-based company recently hit the £250m milestone in global currency traded on the platform since its launch in 2015.

Its technology allows travellers to match swap currencies directly, a method known as peer-to-peer or ‘P2P’.

The method leads to fees which the firm says could be up to 90 per cent cheaper than a traditional currency exchange by bank or travel agent.

The latest round marks WeSwap’s third raise on the crowdfunding platform, having already attracted over £3.5m from investors.

“We are delighted to open up this latest round of funding, supplementing a series of debt, equity and private investment routes that have aided us in achieving some great milestones that we’re really proud of,” said Jared Jesner, CEO and Founder of WeSwap.

“This latest round will allow us to launch a range of new WeSwap product innovations and expand into Asia.”