One-click currency exchange makes startup investing easier via OurCrowd
Jerusalem-based venture investing platform teams up with Australia’s Airwallex to ease payments in local currencies
OurCrowd, Israel’s most active venture investor, is now offering its 220,000 members around the world a streamlined foreign exchange facility so they can invest using their local currency.
Jerusalem-based OurCrowd, which has members in more than 195 countries, has teamed up with Airwallex, founded in Melbourne, to offer one-click investing in dollar-designated deals without having to grapple with cumbersome and expensive foreign exchange and bank transfers.
“Airwallex works just as it should,” said Joachim Maus, an OurCrowd investor based in Germany. “It cuts the time, hassle and expense of converting my payments from euros into dollars and makes investing in OurCrowd deals much more convenient than using a bank transfer.”
OurCrowd allocates a global account to each investor, who can select from an assortment of currencies, including their own local denomination. Once selected, OurCrowd converts the funds into US dollars at a transparent rate that is generally locked in for 24 hours to fund the investment.
“With the globalization of the startup world, advanced fintech which is multi-currency is a game changer. Now, you can be sitting in Israel and invest in a Silicon Valley startup, pay in Shekels with a single click and it is totally transparent,” said OurCrowd CEO Jon Medved.
Since OurCrowd first trialed the Airwallex platform with investors in February, more than a third of OurCrowd’s foreign exchange flow has been routed through Airwallex and is typically completed in under 24 hours. OurCrowd’s plans to extend its partnership with Airwallex to other payment options.
“OurCrowd’s partnership with Airwallex has made a significant positive impact on our customers’ overall experience,” said Micky Sapir, OurCrowd’s VP of Product. “By reducing transfer times across the board and enabling localized transfers and FX services for investors worldwide, OurCrowd’s investment platform has become even more reliable, fast and efficient.”
OurCrowd, now celebrating a decade of activity and rated Israel’s most active investor by PitchBook every year since 2013, has raised more than $2.2 billion in committed funds and achieved more than 60 exits from over 420 direct portfolio companies.
Airwallex, founded in 2015 in Melbourne, Australia, is one of the fastest-growing payments and financial infrastructure companies in the world. With operations in over 20 locations globally and a team of 1,400 employees worldwide, Airwallex plans to continue its exponential growth by hiring an additional 500 global employees by the end of 2023, including hires in Israel and the Middle East.
“With embedded finance, modern businesses of all sizes can bring global connectivity to customers by offering their own local payment solutions and minimizing FX pain points,” said Pranav Sood, EGM, EMEA at Airwallex. “Our embedded finance partnership is a perfect example of how we support and enable our customers’ end users to grow, while also giving OurCrowd the tools to expand and deepen their services. From streamlining payment processes for investors and startups to minimizing FX costs, embedded finance is simplifying the way businesses operate across borders.”
“The partnership with OurCrowd illustrates Airwallex’s momentum in offering innovative and creative fintech solutions which enable businesses to be global from day one,” said Or Liban, recently appointed as the Head of Israel and the Middle East at Airwallex’s new branch in Israel. “The combination of our solutions with OurCrowd’s platform will strengthen the startup ecosystem in Israel, the UAE and beyond.”
For more information on investing with OurCrowd, click here.