JERUSALEM Israel's TravelersBox, which allows travellers to convert leftover foreign currency into digital currency, said on Thursday it raised $10 million led by Arbor Ventures.
Existing investors such as Pitango Venture Capital, IPE Ventures, Pereg Ventures, iAngels and Global Blue also participated in the funding. The company has raised $15.5 million to date.
TravelersBox operates kiosks in airports throughout the world and has facilitated several million transactions to date. Travellers can convert foreign change and bills that can be deposited into a PayPal account, turned into gift cards for retailers or used to make charitable donations.
The new funds will enable TravelersBox to grow, specifically in Asia as its next deployments are expected to be in Japan, India and New Zealand.
The company plans to deploy an additional 300 kiosks this year. It also aims to accelerate product development, including an application that will enable consumers to convert their change into digital currency in their home country when shopping at airport-based retail outlets throughout the world.
(Reporting by Steven Scheer)
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Updated Date: Jan 22, 2016 00:45 AM