Ireland’s CurrencyFair, a peer-to-peer currency exchange, has raised €8 million in new funding and appointed Paul Byrne as its new CEO.

The announcement was made today at the Web Summit in Lisbon. The funding round was led by previous investors Octopus Ventures and Frontline Ventures.

New CEO Paul Byrne was previously the founder of software firm Trintech. Also the Dublin-based company has added Ruth Fletcher (formerly of Fenergo) as chief financial officer, and Silvie McDermott (former group product director at Betfair) as chief product officer. Meanwhile founder Brett Meyers is transitioning to a role as chief strategy officer

The appointments of Byrne and Fletcher are still awaiting regulatory approval from the Central Bank of Ireland. However the new management team will soon be driving the company’s growth strategy, said Meyers.

“CurrencyFair demonstrated the scalability and power of its unique peer-to-peer currency exchange during the Brexit result volatility, where CurrencyFair stayed open while many major competitors closed,” commented new CEO Byrne. He added that today’s US election result will further currency volatility and attract more businesses to CurrencyFair.

This latest round of funding comes just eight months after CurrencyFair’s previous round where it also raised €8 million and a recent rebranding.

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