For our final Member Spotlight of the year, we have Daniel Abrahams of MyTravelMoney, a comparison website for foreign currency.
What is your background and how did you end up doing a startup?
During my undergraduate degree at the University of Manchester, I did an
exchange program in Sydney. I needed to transfer money between countries
and also buy travel cash for each trip. I saw first hand how opaque the
industry was & set out on a mission to introduce transparency into this cloudy
space. Banks and airports get away with terrible exchange rates through
the �myth of 0% commission�, apply high margins and provide poor customer
service. My experience taught me there was an opportunity to solve a big
problem in a very large market.
Tell me about your product.
MyTravelMoney.co.uk & it�s sister site MyCurrencyTransfer.com is the UK�s
leading comparison brand for foreign exchange. Whether you need to send
�100,000 abroad to buy a house or merely need �100 worth of travel money, we help visitors find a cheaper, fairer and transparent currency deal. The
platform matches visitors with real time offers on over 60 plus currencies.
To date, we have helped customers transact over �120,000,000 worth of
foreign exchange. In 2013, we plan to roll out major disruptive releases to the
platform that will bring even more transparency & choice for the customer.
Our goal is to make shopping for currency as easy as booking a plane ticket
Why did you choose TechHub? Has the community been helpful?
We started the business in Finchley but quickly realised that we needed to be
in an atmosphere conducive to collaboration and knowledge sharing. As we
grow the business, the access to great talent is a big draw too.
Finally, being local to the tech community, it makes it so much easier to attend
meetups, tweetups and go for coffee with relevant companies that may be
going through the same issues and challenges. It�s no coincidence arriving at
TechHub has made a fantastic impact on the business.
What's a piece of advice you would give to a budding entrepreneur?
Don�t delay launch for too long or be caught up in having the most brilliantly
designed site on day 1. When we launched, it was so important to work out
the value of a visitor as soon as possible, placing this as a far greater priority
than design. Only now, based on real metrics and feedback, are we looking at
bringing in top design talent to shake up the look and feel of both sites.
As quickly as possible, try to build key one on one relationships with bloggers
and prospective partners. You don�t need big budgets to do good old-
fashioned influencer marketing.
A random or silly fact about yourself
I convinced myself as a teenager I�d play for West Ham and win 100 caps for
Thanks Daniel, interesting stuff! Seasons Greetings to everyone reading this, and we've got plenty more for you in 2013 (providing the world doesn't end on Friday!).