Ireland’s CurrencyFair raises $10.6M to expand peer-to-peer currency exchange

In the latest sign that Europe’s financial tech scene is heating up, Ireland’s CurrencyFair has raised $10.6 million in a round led by the U.K.’s Octopus Investments.

“The money transfer sector has seen a lot of attention recently, with customers beginning to realize the high fees charged by banks when sending money internationally,” said CurrencyFair chief executive Brett Meyers in a press release.

Since launching, CurrencyFair has enabled more than $1 billion in foreign currency exchanges. The Dublin-based company is also part of a growing hub of financial tech companies in Ireland.

The company plans to use the latest funding to expand its platform to work with more currencies. In addition to Octopus, Frontline Ventures also participated in the latest round.