International money transfer group receives cash injection from investors

| |

  • London-based TransferGo receives extra funding from experienced French VC firm
  • TransferGo has over a million users and is an innovative leader in its field
  • “We’re delighted that 1m people around the world are now using TransferGo to send money to friends and family internationally”, says co-founder and CEO

 

A London-based start-up which aims to make digital remittance services easier to use has received more investment as part of a major funding round.

TransferGo, which has already raised $17.5 million dollars in its series B funding session, has now added another $3.4 million dollars, or £2.6 million pounds, to its pot.

The additional funds came from a France-based venture capital firm, Seventure Partners – and it came despite the fact that the company closed its series B funding round in December of 2018. Other companies which were involved in that round included Revo Capital, U-Start Club and Vostok Emerging Finance.

TransferGo is known as a competitor to the more famous Transferwise, but TransferGo has built a strong name for itself already. It claims to have seen year on year growth of 100%, and it can be used in 47 countries around the world. It has an overall user base of one million customers, and it adds to this at a rate of 2,000 new customers per day.

The firm has also used crowdfunding to its advantage to grow its online money services offer. It has, for example, received $830,000 through the crowdfunding platform Seedrs.

It hit the headlines back in 2018 when it announced that it would offer fee-free transactions to its customers. It chose instead to strike each transfer at the mid-market (inter-bank) foreign exchange rate. It funded this move by offering a paid-for tier called TransferGo Now, which offer instantaneous exchanges to customers who pay a premium.

Seventure has previously backed a number of other successful companies – including Sum Up, a credit card payment solution.

According to TransferGo’s co-founder and CEO Daumantas Dvilinskas, the firm also enjoys a money flow of one billion dollars.

“We’re delighted that 1m people around the world are now using TransferGo to send money to friends and family internationally”, he said.

“Our customers are at the heart of everything we do so reaching this milestone is huge testament to the work we’ve put into creating new solutions that work for our users, as well as a service that exceeds customer experience expectations.”

“We’ve had an exceptional year so far that’s seen us hit $1bn in money flow as well as reach 1m customers - and we’re far from done."

"We’re really committed to making the most of this opportunity and ensuring digital remittances are accessible to as many people as possible – and we’re delighted that Seventure Partners supports this vision”, he added.

If you’d like to learn more about companies like TransferGo and how they are helping to shape the remittances market, head over to our magazine page.


Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO at FXcompared and has numerous years of experience in the international finance world, especially within the media, technology and property sectors. Daniel is passionate… Read more

Most Read

Use Our Currency Comparison Tool

Select country...

Select country...

Send

Editor's Choice

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.