Travel money innovator set to raise £1.3m
This week, travel money provider Bidwedge are set to launch a £1.3m investment raise.
This comes despite one of the most disrupted periods in the travel industry’s history and many other providers looking to scale back amid the introduction of a second lockdown and further travel restrictions.
While cumbersome rivals have fallen victim to the disruption seen so far, Bidwedge’s lean and nimble model, with transparency at its heart, has allowed them to survive and grow throughout this period; serving as a model of how to thrive in travel despite one of the most disrupted periods in the industry’s history.
The funds will be primarily used to help the business take the next step in their development. This will be achieved by improving the existing infrastructure; including app development creating an Artificial Intelligence-backed approach to the back office systems of the website. The new funds will also allow for a stronger, more penetrative marketing campaign and assist in the stock cashflow.
Bidwedge, who help people with unused foreign currency to exchange it for sterling at the best rates, are now looking to capitalise on strong revenue growth since March by growing to challenge traditional travel money suppliers through a return to cash based exchange, with no hidden fees.
It is estimated that each Brit has around £98 each of unused foreign currency at home, left over from holidays of the past and often never to see the light of day again. This, alongside other currency exchange services, is where Bidwedge have found their market.
Shon Alam, Founder of Bidwedge, said: “We are really excited to be embarking on this raise to help make Bidwedge a household name to compete with the providers that are currently scaling back in a time of disruption. The travel industry is going through a period of immense upheaval but now is not the time to be hiding away.
“We have a proven working concept that is growing during one of the worst economic crises that this country has ever seen. We have achieved this by being a well-organised, managed business that has stuck to its founding fundamental principles of remaining debt-free, being community driven, and by being able to offer a product that can be seen as a benefit to the seller in the first instance.”