JERUSALEM (Reuters) - Israel's TravelersBox, which allows travellers to convert leftover foreign currency into digital currency, said on Thursday it raised $10 million led by Arbor Ventures.
Existing investors such as Pitango Venture Capital, IPE Ventures, Pereg Ventures, iAngels and Global Blue also participated in the funding. The company has raised $15.5 million to date.
TravelersBox operates kiosks in airports throughout the world and has facilitated several million transactions to date. Travellers can convert foreign change and bills that can be deposited into a PayPal account, turned into gift cards for retailers or used to make charitable donations.
The new funds will enable TravelersBox to grow, specifically in Asia as its next deployments are expected to be in Japan, India and New Zealand.
The company plans to deploy an additional 300 kiosks this year. It also aims to accelerate product development, including an application that will enable consumers to convert their change into digital currency in their home country when shopping at airport-based retail outlets throughout the world.
(Reporting by Steven Scheer)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app