£25 million digital growth fund and major recruitment drive are launched in a first for foreign exchange sector

Leading foreign exchange provider Travelex revealed plans to accelerate its longstanding investment into its ongoing digital transformation, with the launch of a £25 million Digital Growth Fund and a major recruitment drive to build significant product development and design capabilities.

The announcement follows the recent appointments of former Google, eHarmony and Shutl executive, Sean Cornwell and executive Dave Wascha to the newly created roles of Chief Digital Officer and Global Head of Digital Products. The duo have been brought in to lead the digital transformation programme that will accelerate Travelex’s drive to further help customers send and spend money around the world through foreign exchange (FX) and cross-border payments.

Sean Cornwell and Dave Wascha, Digital Transformation Team, Travelex
Sean Cornwell and Dave Wascha, Digital Transformation Team, Travelex

The Digital Growth Fund, the first of its kind in the foreign exchange sector, will allow Travelex to make strategic seed investments and technology acquisitions in the retail and financial technology (fintech) sectors, with the aim of developing new products and services linked to mobile, payments, e-wallets, crypto currency and location technology.

Sean Cornwell commented: “Travelex has been innovating in the FX market for 38 years and around 40 per cent of our UK retail sales are already digital in origin, through either online or mobile channels. The new digital growth fund will capitalise further on this foundation to develop even more new and easy ways to solve customer problems with sending and spending money abroad. It will also offer small startups the opportunity to work with a credible and reputable brand, test new ideas and bring the latest technology to our customers and partners around the world.”

Travelex is also aiming to recruit the best digital talent from across London. The company today announced plans to recruit a team that will drive game changing fintech and retail innovations and fulfil the business’ commitment to put digital at the core of the customer experience. New hires will span a range of disciplines including engineering, product, UI, UX, design, marketing and testing.
As part of the recruitment drive Travelex will be sponsoring the Bootstrapped initiative at this year’s Silicon Milkroundabout, which helps early stage start-ups attend the event. Travelex will also be taking a stand at the Silicon Milkroundabout at the Truman Brewery in London from November 15th to 16th 2014. The event is a careers fair designed to match skilled tech talent with the jobs on offer at businesses of all sizes. The team will be on point at the Travelex Labs stand to meet and discuss opportunities.

Pete Smith, a co-founder of Silicon Milkroundabout, commented: “Travelex is a large business with the scale and resources to reach a worldwide audience. They have a track record of innovation, and they are hiring talented people — like Sean and Dave — with tech and startups in their DNA.”

“Sponsoring our Bootstrapped Initiative shows that Travelex is leading the way in the field of FX when it comes to supporting and investing in British tech talent.”

Prospective employment candidates looking to join the new Travelex team can also get in touch by emailing: [email protected]

Cornwell concluded: “Travelex is very well placed to capitalise on the predicted growth in travel and the corresponding growth in FX and payments. Both the investment fund and recruitment activity will enable Travelex to bring digital to the core of our offerings and customer experience, whilst providing new and innovative ways to help customers fulfil their foreign exchange needs more conveniently and effectively.”

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