International money transfer service TransferGo has raised $3.4m in Series A funding from Vostok Emerging Finance (VEF).
The company, which is looking to expand internationally, says it will use the money to further product development.
Speaking about the raise, TransferGo’s CEO and co-founder Daumantas Dvilinskas, said:“We are excited to invite VEF to join our business as an investor.
“VEF’s FinTech focus and long-term approach in building great lasting financial institutions is an exact match with the business philosophy here at TransferGo. Therefore, we believe that this collaboration is an important step for TransferGo en route to becoming a global FinTech brand,” continued Dvilinskas.
Dave Nangle, managing director of VEF, commented on the firm’s decision to invest: “Global money transfer and its disruption is one of the clearest FinTech themes we have been looking to invest in since VEF was founded.
“We have been waiting patiently for our entry point and are very excited to announce our investment into TransferGo today, one of the industry’s fastest growth players. The team has an excellent track record of focus and delivery in the valuable and growing European corridors by delivering a better, quicker, cheaper product than key peers,” concluded the managing director.