- TransferGo is to work alongside Silicon Valley Bank UK Branch (SVB) in an arrangement that will provide millions of euros in financing.
- The new arrangement is expected to help TransferGo boost its digital payments offering and undergo a process of transformation.
- A senior figure at TransferGo emphasised the fact that SVB can offer mentorship to the company as well as financing.
International money transfers company TransferGo has revealed a new collaboration with an innovative bank.
It will work alongside Silicon Valley Bank UK Branch (SVB).
The partnership will mean that SVB provides finance to TransferGo, with a value of around €5m expected to be received.
From there, TransferGo aims to overhaul its digital payments procedures.
It is understood that the firm, which focuses on allowing people such as migrants to transfer money across borders, will now speed up the delivery of certain services.
In remarks to the press, spokespeople for each firm shared more insights about the reasons for the collaboration.
TransferGo's chief executive officer and co-founder Daumantas Dvilinskas said that the new connection between the two companies would be “prosperous”.
“Today marks the beginning of a prosperous relationship with Silicon Valley Bank,” he said in his statement.
He went on to add that the firm’s experience of working with newer firms would be helpful both during the pandemic and beyond.
“With its heritage in championing startups 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,” he explained.
The positive approach was echoed by Craig Fox, who works as a director at SVB.
In his remarks, Fox emphasised the potential cost-effectiveness and speed that the arrangement could bring for customers – and he explained that the pairing with TransferGo reflected an extension of an existing relationship.
“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,” he said.
SVB is an unusual financial services firm with a specific focus on start-ups and similar companies.
Based in London, it describes itself as “the only bank in the UK focused solely on the innovation economy”.
It was first set up in Silicon Valley and is now operating around the world.
TransferGo, meanwhile, was set up in 2012 and is now one of the industry's leading cross-border payments companies.
The company is based in London, and has over 30 bank partners around the globe.
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