Centtrip founders Tony North, Brian Jamieson and Daniel Butcher previously founded Schneider Foreign Exchange and HiFX, foreign exchange businesses that were recently sold for a combined £350m.
“We are not here to simply challenge the banks; we are here to challenge the consumer to find a better way. To introduce a whole new dimension to the travel money, banking and payment card experience,” said Jamieson.
Centtrip offers a single prepaid MasterCard that can be used to pay in 14 currencies at the actual live currency rates, rather than incurring a bank’s conversion charges. Consumers pay one fixed annual fee of £10 and 0.5 per cent of the value of funds.