Connect with us

Hi, what are you looking for?

Jewish Business News

VC, Investments

Israeli Startup convert leftover foreign change, TravelersBox, raises $10 million

TravelersBox_Gen3 The Israeli company aims to make it easy for airport travelers to convert spare foreign change to useful currency. Photo courtesy of TravelersBox

Israeli startup TravelersBox provides kiosks in airports worldwide enabling travelers to convert leftover foreign change into usable digital currency.

Israeli leftover change conversion startup TravelersBox has raised $10 million in Series A funding. The round was led by Arbor Ventures and existing investors also participated including Pitango Venture Capital, IPE Ventures, Pereg Ventures, iAngels, Global Blue, and Angel investors including Yuval Tal, Zohar Gilon, Yanai Oron, Roy Gabriel, Moti Rivlin and Harel Kodesh.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.

The company has raised $15.5 million to date, including this round.

Arbor Ventures’ Melissa Guzy. She said, “TravelersBox is very unique and innovative. They have created a very simple solution to a very common problem, but it requires extremely sophisticated technology to solve for complex process.”

Local currency accumulated during the visit usually ends up left in a drawer and forgotten. TravelersBox provides kiosks in airports throughout the world enabling travelers to convert their leftover foreign bills and coins into usable digital currency by depositing the funds directly into their PayPal account, purchasing gift cards for iTunes, Starbucks, Skype, Gap, and other retailers, or by making charitable donations.

TravelersBox’s intelligent, proprietary technology seamlessly facilitates the complex process of converting physical currency of one country into digital currency for another.

“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. “We have received a very positive reception in all the markets where we’ve launched our kiosks, and we are thrilled with this investment from Arbor and our participating backers, as it will allow us to grow more rapidly and continue innovating the currency exchange market.”

TravelersBox currently operates more than 75 kiosks in Canada, Italy, Turkey, Georgia, Israel and the Philippines. The company has facilitated several million transactions to date. A partnership with PayPal enables consumers to seamlessly and securely deposit leftover foreign currency directly into their PayPal accounts, with no delay and no additional authorization required.

The funds will enable TravelersBox to grow rapidly throughout the world, specifically in Asia; its next deployments are expected to be in Japan, India and New Zealand.

The company plans on deploying an additional 300 kiosks globally this year and opening an office in Asia. It will also use the financing to invest in R&D and to accelerate the development of its product offerings, including the upcoming launch of a new software application that will enable consumers to convert their change into digital currency in their home country when shopping at Duty Free Shops and other airport-based retail outlets throughout the world. Additionally, the company will hire aggressively in key areas such as sales, marketing, product, engineering and more.

“TravelersBox offers the type of solution that makes you wonder why no one thought of it sooner, ” said Yuval Tal, founder Payoneer and Borderfree, co-founder of TBX, and an angel investor in TravelersBox. “The traction that TravelersBox has gained to date is truly impressive, and I am certain that this is just the beginning for the company and the team.”

 

READ MORE: TravelersBox

TravelersBox founders,   from left,   Dror Bluementhal,   Idan Deshe and Tomer Zussman at one of its kiosks in Istanbul. Photo courtesy of TravelersBox  Dror_Idan_Tomer-1168x657

The American Transportation Safety Authority collected nearly $675, 000 in loose change left behind at security checkpoints in 2014. It’s not that people are prone to throw away hard-earned cash, but leftover More…

euro- Stealing - money 76015_640

New Israeli startup TravelersBox has developed an innovative service and technology which enables depositing coins and bills into TravelersBox stations at airports around the world. The money is deposited More…

 

Newsletter



Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.

Copyright © 2021 Jewish Business News