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London-based international money transfer platform TransferGo bags £4M: Here’s what they’re going to do

Image credits: TransferGo

Founded in 2012, TransferGo established itself as one of the most trusted money transfer services focusing on delivering, fast, reliable remittances.

Recently, the London-based fintech company secured £4 million in financing from Silicon Valley Bank UK Branch (SVB), the bank of the world’s most innovative companies.

How will the funding be used?

The UK company is planning to use the funding to further develop and expand its real-time payments platform for consumers, SMEs, and enterprise clients.

“We are very excited to deepen our partnership with TransferGo as we look forward to being a part of their growth story as it expands its cycle of innovation to attract more customers to a faster, cheaper and more accessible way to send money around the world,” said Craig Fox, Director at Silicon Valley Bank.

SVB join forces with TransferGo

According to the company, SVB’s financial expertise and guidance will enable TransferGo to pursue an accelerated programme of digital payments transformation. Today’s partnership signals a commitment by TransferGo and SVB to service millions of migrants that want to send money home – quickly, securely, and affordably.

Despite the market volatility throughout the year, TransferGo witnessed growth of over 117% for the last fiscal year.

“Today marks the beginning of a prosperous relationship with Silicon Valley Bank,” commented Daumantas Dvilinskas, CEO and Co-Founder of TransferGo. “With its heritage in championing start-ups and providing support and mentoring to innovators, it is the perfect partner to accompany us during the pandemic and as we enter our next stage of business growth.”

Serves 22 currencies across 47 countries

With 2.5 million users and an additional $10M investment in June, it is committed to expanding its global footprint and launching new services on its cross-border payments platform. It serves both personal and commercial bank transfers on a digital account-to-account model

Founded by Arnas Lukosevicius, Daumantas Dvilinskas, Edvinas Sersniovas, and Justinas Lasevicius in 2012, it currently serves 22 currencies across 47 countries. It has offices in London, Berlin, Istanbul, Warsaw, and Vilnius.