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

Published by Finance Magnates

 

Gaining interest from investors, payment startups were the star of the startup world in 2015, with the momentum continuing this

Covercy's money transfer wizard

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. 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 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…