Travelex sets up £25 million fintech start-up fund

Foreign exchange firm Travelex is to launch a 25 million fund to acquire fin tech companies and invest in start-ups.

The company is also planning a major tech recruitment drive.

Travelex's Digital Growth Fund will enable the firm to make small investments of less than 1 million in fintech start-ups. It will also be used to fund potential acquisitions with the aim of developing new products and services linked to mobile, payments, e-wallets, crypto currency and location technology.

The announcement comes after Travelex appointed former Google, eHarmony and Shutl executive, Sean Cornwell and MOO.com executive Dave Wascha, to the newly created roles of chief digital officer and global head of digital products.

"Around 40 per cent of our UK retail sales are already digital in origin, through either online or mobile channels," said Cornwell.

"The new digital growth fund will capitalise further on this foundation. It will also offer small startups the opportunity to work with a credible and reputable brand, test new ideas and bring the latest technology to our customers and partners around the world."

The forex firm will also start a recruitment campaign to build up its skills base with hires spanning a range of disciplines including engineering, product, UI, UX, design, marketing and testing.

As part of the recruitment drive, Travelex will be sponsoring the Bootstrapped initiative at this year's Silicon Milkroundabout.

Travelex will also be taking a stand at the Silicon Milkroundabout at the Truman Brewery in London on Thursday and Friday.

"Travelex is very well placed to capitalise on the predicted growth in travel and the corresponding growth in FX and payments," Cornwell added.

"Both the investment fund and recruitment activity will enable Travelex to bring digital to the core of our offerings and customer experience, whilst providing new and innovative ways to help customers fulfil their foreign exchange needs more conveniently and effectively."