Daniel Abrahams is the CEO of CurrencyTransfer.com, an award-winning global payments marketplace. Emma Steele finds out how his business is thriving thanks to crucial links with Leeds and Tel Aviv.
The idea for CurrencyTransfer.com was born out of personal pain for Daniel and his co-founder, Stevan Litobac. While Daniel was studying in Australia and Stevan was travelling around Europe, they were both horrified at the cost of converting foreign currency: “With CurrencyTransfer.com, we solve the problem of hidden fees, poor service and a lack of transparency for clients making or receiving international payments,” explains Daniel. “We aim to become the de-facto online platform for large value cross-border payments, providing the most personal service and best exchange rates to growing businesses and retail clients around the globe.”
From helping a corporate client make a £15 million transfer to assisting a private client buy their dream home in France, Daniel and his team help maximise the value of international transfers with their 24/5 online booking platform. As a result, they now help 9,500 business and private clients in 20 countries access up to 85% better-than-bank exchange rates.
But, that’s not all. Having identified that CurrencyTransfer.com could make Leeds United more competitive and nimble in the transfer market, it has recently signed with the club as its official global payments partner. “Whether it’s our same day transfer service, ability to hedge against currency risk or our superior exchange rates, we aim to help Leeds United win off the pitch!” says Daniel, who believes that CurrencyTransfer.com will help to impact the bottom line of the Yorkshire business community.
As a result of their partnership with Leeds United and in addition to their London and Tel Aviv offices, CurrencyTransfer.com has plans to open a dedicated office in Leeds next year. “We’ve been blown away by the companies we’ve met who trade internationally and look forward to meeting many more. We believe in the Leeds business ecosystem and are excited to be a part of the community.
“The head of commercial at Leeds United told me, ‘If you get behind the city, the city will get behind you’. At the same time, we got to know numerous champions of the business community who were happy to support our journey. This includes Michael Michaelson, who we are delighted has joined us as our official brand ambassador.”
Although Daniel spends one week a month working in the UK, he lives in Tel Aviv with his wife and four-month-old son, Jack. “As an early stage tech business, Tel Aviv is the place to be. It’s very much the ‘Silicon Valley’ of the Middle East, boasting more start-ups per capita than anywhere else in the world.”
Daniel adds, “As such a young, emigrant population, the diverse talent on the ground is extraordinary. Israel is an amazing hub of entrepreneurship and we are very fortunate to be backed by some of Israel’s leading angel investors, who are supporting our journey to change the face of an industry.”
Although CurrencyTransfer.com has experienced considerable success and Daniel is humbled and inspired by the many milestones they have achieved, he insists that there is still a long road ahead: “Every single day, we focus on the problem we’re solving for businesses trading internationally and it’s our success stories that drive us to continue building a world-class platform.”
On a personal level, Daniel’s entrepreneurial spirit comes from having watched his father build his own legal practice and become managing partner of a multinational law firm. “Hearing stories around the dinner table definitely inspires you,” says Daniel, who adds, “At school, my headmaster told me flat out ‘you struggle dealing with authority’, so going down the entrepreneurial track seemed like the smartest move!”
It probably comes as no surprise either that Daniel was cited as one of ‘the 15 faces to watch in 2015’ by The Jewish Chronicle. “It was a tremendous honour to be named but that was only the beginning for the entire team. CurrencyTransfer.com was just getting off the ground and we have experienced tremendous growth since then, surviving on a steady diet of grit and determination. I’m also very lucky to work with a mission-led team who constantly amaze me.”
Looking ahead to 2018 and CurrencyTransfer.com are on track to hit over £1 billion in currency traded on their platform, with plans to expand its functionality. They are also due to sit down with Leeds United’s club leadership to discuss how the club can leverage its famous brand further with the start-up and tech community. Watch this space!
Get a free currency audit for your business by emailing mark@currencytransfer.com for more details. Daniel would also like to connect with anyone who can help CurrencyTransfer.com grow. He can be contacted at daniel@currencytransfer.com.
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