TransferGo, a digital international money transfer platform for migrants and businesses has raised $10 million (approx €9 million) in funding co-led by Seventure, and Vostok Emerging Finance, along with other participants including Hard Yaka, Revo Capital, and Bootstrap Europe.
Additionally, the global money transfer company has announced that it will be launching in 11 new markets, including Japan, New Zealand, Saudi Arabia, Singapore, and Ghana.
International money transfer services
Founded by Arnas Lukosevicius, Daumantas Dvilinskas, Edvinas Sersniovas, and Justinas Lasevicius in 2012, TransferGo is one of the fastest international money transfer services on the market that currently serves 22 currencies across 47 countries and counting, with offices across Europe, including London, Vilnius, Berlin, Istanbul, and Warsaw.
Serving both personal and commercial bank transfers on a digital account-to-account model, TransferGo claims that it offers high-quality money transfers with speed, ease, and excellent value. Talking about the security concern, TransferGo is a licensed and authorized payment institution regulated by the FCA (Financial Conduct Authority) and supervised by HMRC (Her Majesty’s Revenue and Customs) in England.
Seven million transactions
Since the launch, the fintech company has facilitated over seven million transactions. According to Daumantas Dvilinskas, CEO of TransferGo, the company has grown 30% over the lockdown period in emerging markets like India, Turkey, Ukraine, and Nigeria as a result of accelerated digitisation.
Daumantas Dvilinskas, CEO and co-founder says, “With footfall decreasing dramatically in high-street financial services companies, anyone looking to send money abroad to friends and family has become reliant on digital-first money transfer services. With a continued march towards a cashless society, our service is becoming more vital than ever, and we’re working diligently to support the evolving needs of both new and existing customers in these challenging circumstances”.
Image credit: TransferGo