Covercy Closes $1.5 Million Seed Round, Led by Leverate Founder Doron Cohen

Within the record year of venture investments in the fintech sector in 2015, currency exchange payment transfer firms made up a large part of the deals that were closed. Leading the way were investments in TransferWise, CurrencyCloud, and Kantox. Continuing that momentum is news that Israeli currency exchange startup, Covercy, has closed a $1.5 million funding round in a deal led by SGVC.

The investment by SGVC is part of a new $50 million fund launched this year by the venture firm to target US and Israeli firms. For SGVC, the firm has previous exposure in the fintech sector having participated in SoFi’s Series C round in 2014.

Similar to other payment transfer providers, Covercy has created a digital system for processing transfers that they believe provides more efficient pricing than banks. In order to decrease fees, Covercy operates bank accounts in countries that they support to receive and send Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. By utilizing local accounts for handling the ‘last mile’ transfer of the exchange to and from customers, they are able to reduce a portion of the costs involved with traditional cross-border transfers.

Created in 2014, Covercy has since been granted licenses by the UK’s FCA as an Authorized Payment Institution and a Currency Services Provider through Israel’s Ministry of Finance. Among the firm’s founders and operating as the company’s CEO is Doron Cohen. Prior to Covercy, Cohen was a founder of Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and binary options technology provider, Leverate, where he held the position of co-CEO before stepping down to become chairman of the board in 2014.