Last week Vancouver startup PeerFX launched its peer-to-peer online foreign exchange service with the promise of better rates. Looks like their on to something big as customers are lining up to use the service and they now have a waiting list 250 long.
PeerFX's introductory rate of 0.35% of the transaction volume is available until the end of May to encourage early adopters. Sign up is free and they're open for both USD to CAD and CAD to USD trades.
If PeerFX sounds vaguely familiar you likely caught a glimpse of founder Florence Leung on CBC Dragons' Den 18 months ago. PeerFX's pitch was one of the few that ended in a serious offer from the Dragons and Leung's team made waves by turning them down after the show.
Since declining the Dragon's offer, Leung has been bootstrapping the business but is now looking for investors. In February PeerFX conducted an investor forum that was attended by both local and international investors and today they hit the new wires. They're currently focused on business development efforts and hitting milestones which includes closing its first financing round by the third quarter of 2009.
Check out their Changing Exchanging blog where the team writes about startup issues and the odd rant about financial services. They have their first in a series of Check It video tutorials online as well.