Currency exchange marketplace WeSwap has announced funding of $10m led by Ascot Capital Partners.

Existing investors, EC1 Capital and IW Capital, also participated in the second stage round.

The peer-to-peer currency exchange platform, (Startup Pitch here), enables users to swap money between themselves in a bid to cut down on charges.

According to a statement from co-founder and chief executive Jared Jesner, the funding will enable WeSwap to expand to new markets as well as develop additional products.

The company received Series A funding in late 2014 with a plan to expand to “key global markets.”

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