Eris FX launches crowdfunding campaign to fund expansion
Digital forex business, Eris FX, has launched a crowdfunding campaign to raise money for a marketing drive. The platform, which predominantly serves SMEs paying overseas suppliers and individuals buying overseas property, aims to build an ethical, fair and profitable foreign exchange company, and hopes to disrupt an industry that has been dominated for decades by outmoded services with opaque pricing practices. Helen Scott, the firm's founder, said it had just won a landmark ruling from the Advertising Standards Authority which is expected to have a material impact on advertising practices used by the firm'﻿s competitors.

Yorkshire Technology

A technology-based foreign exchange business headquartered in Leeds has launched a crowdfunding campaign to raise money for a marketing drive as it looks to increase its customer base.

Eris FX, founded by managing director Helen Scott in 2012, is seeking £750,001 on the Seedrs platform in exchange for 10.35 per cent of the equity in the business.

At the time of publication, investors had provided more than £100,000 of funding, led by £75,000 from Finance Yorkshire.

Eris FX predominantly serves small and medium sized businesses paying overseas suppliers and individuals buying property abroad.

Software developed by the company shows a live price stream allowing the customer to choose when and at what rate to buy their currency. The currency is delivered electronically to the nominated bank account the next day.

The business hopes to use this cloud-based technology "to create an ethical, fair and profitable foreign exchange company", disrupting an industry that has been "dominated for decades by outmoded dealer-led telephone services and opaque pricing practices by the banks and specialist currency companies".

Scott told Insider that Eris FX had just won a landmark ruling from the Advertising Standards Authority "which backs up our campaign of making the market fairer for consumers and opens up fair competition for Eris FX as we have long been campaigning against anti-competitive and misleading marketing practices".

The entrepreneur added that the ruling would have "a material impact" on advertising practices used by Eris FX's competitors, while highlighting her company's "open and ethical stance on consumer pricing".