Person-to-person money exchange service CurrencyFair is to create 50 new jobs at its Dublin headquarters. The company harbours ambitions to take on the lucrative US market.

CurrencyFair currently employs around 80 people in Ranelagh, Dublin but is about to move into new offices in Ballsbridge.

It is understood that at least 50 new employees are to be taken on in the next year.

A further expansion is set to follow as the peer-to-peer currency service takes over the former Bank of Ireland building next to the US embassy in Dublin 4 with capacity for up to 200 people.

The expansion follows a €10m fundraising round in April led by Octopus, an investor that targets entrepreneurs and fast-growth companies – and included Frontline Ventures.

CurrencyFair last year burst through the $1bn barrier for money-matching transfers and is now speeding towards a figure of $2.5bn.

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Currency exchange image via Shutterstock