Fintech payments and invoicing platform, HedgeFlows, are partnering with Travelex in the launch of a secure pre-order exchange rate service aimed at travellers and tourists.
HedgeFlows and Travelex
HedgeFlows is partnering with Travelex to launch a secure exchange rate product, enabling UK holidaymakers and other travellers to secure FX conversion rates ahead of their journey, allowing them to protect their travel money from currency fluctuations.
The new service will be offered to consumers by third parties including travel agents and airlines, and for a small fee, the end customer will be able to pre-book their travel money at a pre-agreed and fixed FX rate.
The travel agents and airlines, should in theory generate an additional income stream from the service.
HedgeFlows has expertise in providing payments and currency services to SMEs the firm raised £2.0 million back in February in an initial seed funding round.
Whilst Travelex is one of the leaders in travel money, physical FX conversions and pre-paid cards.
Founded in 1976 it has a presence in over 20 countries, operating out of 1100 stores, through 900 ATMs and online.
Neh Thaker, co-founder of HedgeFlows said of the new partnership:
“Volatile exchange markets present great challenges to consumers and businesses alike and our secure foreign exchange support with Travelex can help facilitate FX with confidence”
“Financial barriers for overseas trading are a core issue for many businesses, in particular, requiring technology and expertise to protect against rising costs and unreliable rates”.
“Our work with Travelex demonstrates that foreign exchange doesn’t need to be costly or hard work, helping people to protect their money.”
For his part, Travelex CEO Richard Wazacz said:
“For too long holiday goers have had to deal with fluctuating exchange rates which put their holiday plans in jeopardy and create a stressful experience”
“With HedgeFlows we’ve changed that, offering secure exchange services to give customers piece-of-mind so they can focus on their travelling rather than exchanging currency”