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Currensee, a social network for foreign exchange traders, today announced it has secured a third round of funding for $4 million. The new funding will be used to expand the sales team in Europe and develop more management tools as well as make investing easier.
Currensee considers itself a social network for traders to share and collaborate around daily trading activities. The company has a host of trading tools to help make informed trade decisions, including RSS feeds, instant messaging and Facebook widgets as well as a trader leader-board, which ranks investors based on performance.
The company recently launched what it calls the “Trade Leaders Investment Program,” which allows anyone to follow and automatically copy investments from top traders in the network. It’s a valuable program if the company wants to move outside of educated and professional traders to a broader market, which may be the case, as more than $3 billion in volume has been traded through the program, according to the company.
Almost a year ago, the company appeared to be experiencing rapid growth, with more than 1 million trades and 5,000 members in just 6 months. Since then, the company has close to 3 million trades, which would put it on pace since the launch. However, the total member count is just 8,000, which may explain the new investment program and expanding sales team.
StockTwits appears to be the company’s closest competition, offering a social community, or network, of investors and traders with the ability to follow each other, exchange ideas and get input for planning their next trade.
The Boston-based company, founded in 2008, previously secured a second round of funding for $8.8 million from from North Bridge Venture Partners, Egan-Managed Capital and Vernon & Park Capital. All three venture capital firms participated in this latest round.
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