Israel-based TravelersBox, which provides a solution to the pesky foreign currency left in your pocket after a holiday or business trip, announced today that it has closed a $10 million series A round led by Arbor Ventures. Existing investors including Pitango Venture Capital, IPE Ventures, Pereg Ventures, iAngels, and Global Blue also participated. The startup did not disclose post-money valuation figures.
Through the startup’s kiosks, travelers can deposit their leftover foreign currency and redeem it for a multitude of things, such as Skype credit, Paypal or charitable donations. In Israel, it’s also possible to process direct bank transfers.
“There are more than 3 billion international travelers every year, and our mission is to provide an easy way for those travelers to regain the lost value of their unused foreign currency,” said Tomer Zussman, founder and CEO of TravelersBox.
TravelersBox kiosks are currently present in Italy, Canada, Turkey, Georgia, Israel, and the Philippines. There’s a range of currencies supported, including US dollar, Euro, British pound, Phillipines peso, Russian ruble, Turkish lira, and Georgian lari.
TravelersBox is about to open kiosks in Japan, India, and Hong Kong, with Tokyo expected to be live by the end of February. All together the startup plans on deploying 200 new machines globally this year. “We’re pretty excited about 2016, it’s going to be crazy,” adds Dror.
This is an excerpt from Tech in Asia. You can read the full article here.