A Kent-based FinTech founded by two brothers has raised £450,000 in pre-seed funding as it looks to grow its team and expand internationally.
Glyde was founded by Ellis and Nathan Taylor, who didn’t plan on going into business together, but ‘when the opportunity came, it felt obvious’.
The company is looking to build a new standard for cross-border money movement. Users can choose their own exchange rates, avoid expensive FX brokers and are said to be able to save up to three times compared to alternatives.
The funding round was led by Fuel Ventures and the team of six is set to grow by three or four by the end of the year.
On why Glyde was founded, Ellis said: “We’d both seen the broken parts of cross-border finance from different angles, and we knew exactly what needed to be fixed.
“There’s a level of honesty and trust between us that’s hard to replicate in any other co-founder setup.
“We challenge each other constantly, but always with the same end goal, building something that actually works, and makes life easier for the businesses we serve. That kind of alignment is rare, and it’s a big part of why Glyde moves as fast as it does.”
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Ellis worked in financial sales after university, whilst Nathan has a Bachelor’s in Economics from Bristol and a Master’s in Computer Science.
“He’s the brains behind the product,” admitted Ellis. “A systems thinker who’s spent years building scalable tech for fintechs and trading platforms.
“It’s the perfect blend of sales and software engineering. I bring the mission, he brings the architecture.
“Together, we’ve lived through the exact friction Glyde is solving, and we’re fixing it from the inside out.”
Glyde enables users to send and receive over 50 currencies, converting them at rates they select.
It has also launched an FX calculator that doesn’t require any personal information and instantly shows users the true cost of using traditional providers.
Mark Pearson, managing partner at Fuel Ventures, added: “Glyde addresses a critical pain point in the modern, global economy.
“Ellis and Nathan have created a product that hands real control back to users. From digital nomads and ecommerce sellers to growing businesses, Glyde offers a compelling alternative to outdated FX systems.
“We are excited to support them in bringing more clarity and competition to this space.”