Armenian Currencii startup, an online platform for foreign currency exchange, became a graduate of Estonian Startup Wise Guys Fintech acceleration program in Riga.
Vahagn Grigoryan, the founder of the startup which participated in the 3-month program, told Itel.am about the Demo day, cooperation with Swedbank and intention to enter new markets.
Business growth in 3 months
According to Vahagn Grigoryan, Currencii grew as a business owing to Startup Wise Guys 3-month program.
“We are satisfied with the program, as it was a great experience; we learned how to manage business efficiently and filled a number of gaps through this program. Our team received an investment from Startup Wise Guys and currently we work on expanding the team,” he noted.
According to the founder of the startup, the team is ready to share experience with Armenian fintech startups, which would like to apply for Startup Wise Guys acceleration program in the future.
On cooperation with Swedbank
The startup has recently begun to cooperate with Swedbank, one of the largest banks in Baltic states, which owns almost 50% of the regional market. The bank is the partner of Startup Wise Guys and the acceleration program is implemented at its office. Swedbank also provided the Armenian startup with a free office in their headquarters.
“Swedbank has a special online platform to place partners’ apps, which the bank’s external partners can use. Our startup will be available on the platform by the end of the year,” Vahagn Grigoryan informed.
Exchange of EUR 120k and more than 50 clients
Currencii has accomplished transactions of around EUR 120k so far.
The startup signed an agreement with more than 50 clients mainly from Latvia.
EU countries are targeted
Currencii will continue to strengthen and involve clients in Latvia, though the main target is EU countries.
Vahagn Grigoryan emphasized that young people from Armenia interested in Fintech can contact them and join Currencii team.
Armenian startup Curencii represents an online platform for foreign currency exchange, allowing users to save for up to 10 times on exchange transactions.
There are two sides in the system: buyer and seller. Currencii serves as a bridge between the parties, generating all the demands and then transferring the required money to each. The participants of the transaction do not see each other, based on security considerations. This way no one can cheat.