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TravelersBox to expand currency exchange kiosk offering following Series A funding

The kiosks allow travelers to convert unused foreign currency into usable digital currency in the form of iTunes gift cards, PayPal funds and more.

January 21, 2016

TravelersBox has announced it has raised $10 million in Series A funding, which it will use to expand its foreign currency exchange kiosks. Its kiosk allows travelers to convert unused foreign currency into digital currency, according to the press release.

TravelersBox has currently deployed 75 kiosks in Canada, Italy, Turkey, Georgia and the Philippines. Users can convert foreign currency into funds for PayPal, iTunes, Starbucks, Skype, Gap and other accepting retailers. They can also donate the money to charity.

"There are more than 3 billion international travelers every year, and our mission is to provide an easy way for those travelers to regain the lost value of their unused foreign currency," said Tomer Zussman, founder and CEO of TravelersBox. "We have received a very positive reception in all the markets where we’ve launched our kiosks, and we are thrilled with this investment from Arbor and our participating backers, as it will allow us to grow more rapidly and continue innovating the currency exchange market."

Key contributors to the round of Series A funding included Arbor Ventures, Yuval Tal and Zohar Gilon. TravelersBox plans to utilize the funds to deploy 300 kiosks internationally. The company first plans to deploy kiosks to Japan, India and New Zealand. Arbor Ventures' founder Melissa Guzy will join TravelersBox's Board of Directors as part of the financing round.

"TravelersBox is very unique and innovative," Guzy said. "They have created a very simple solution to a very common problem, but it requires extremely sophisticated technology to solve for complex processes. We are proud to make a significant investment to help the company solidify its trailblazer status for years to come."