Currency Exchange Platform Covercy Raises $1.5M Seed

February 15, 2016 | Israeli currency exchange startup Covercy has closed a $1.5 million funding round led by SGVC. Founded in 2014 and led by CEO Doron Cohen, Covercy has developed a secure and fast way to send money abroad, without banking exchange and remittance costs. The company has so far been granted licenses by the UK’s FCA as an Authorized Payment Institution and a Currency Services Provider through Israel’s Ministry of Finance. The investment by SGVC is part of a new $50 million fund launched this year by the venture firm to target US and Israeli firms.