TransferGo secures record $2.5 million investment round; largest seed raise in money transfer space.
Mark Ransford, former investor at Apax Partners leads the investment seed round of USD2.5 million for TransferGo. Other participants in this round included: Voria Fattahi, former investor at Kinnevik; Clive Kahn, former Travelex CEO; and Richard Tudor, former partner at Exponent; and Practica Capital (VC). Making this the largest round of seed funding in the history of money transfer apps.
“TransferGo is providing an essential service to migrants who want to send money home. These are the people who can least afford the high fees currently being charged by existing providers.” -Mark Ransford, former investor at Apax Partners.
Based in Canary Wharf group’s world renown Level39, Europe’s largest technology accelerator for fintech companies. TransferGo has seen a significant growth since its launch in 2013. It is now serving more than 100,000 customers, and has transferred more than £100 million. It continues this growth trend by 20 per cent each month.
The company, created by Daumantas Dvilinskas, enables faster, cheaper and more convenient international money transfer.
TransferGo has recently expanded its destinations to Australia, Israel, South Africa and Canada. With its previous 39 countries, which included Continental Europe and USA, this was a progressive international expansion.
“We’re delighted to secure a seed round of this size, not only putting us above all other money transfer players at this stage but demonstrating that remittance services aren’t about disrupting banks, they are about working with them.
We have made a strategic decision to collaborate with more than 30 of the world’s most respected and innovative banks, using their local transfer infrastructure to offer an unrivalled service in terms of price, speed and most importantly, security. By investing early in compliance we have managed to build one of the safest digital money transfer systems, which in turn creates one of the lowest-risk environments for our banking partners.” – Dvilinskas, CEO of TransferGo
Head of Level39 Eric Van der Kleij, said: “The exponential growth of TransferGo is a great success story for Level39 and we’re delighted to support their growth on every step of the journey. TransferGo has always been deeply involved in our community, taking full advantage of Level39 mentoring sessions, events, workshops and our growing investor network. Receiving this investment marks a new era for financial services — one which builds itself upon the strong foundations of banks.”
[box type=”info” align=”” class=”” width=””]About TransferGo
TransferGo is the most convenient way to send money abroad for migrants and businesses: 10x cheaper than banks and cash bureaus, same-business-day delivery and a guaranteed destination amount without any extra charge. TransferGo is a ‘pure-play digital’ international money transfer service that is regulated by the UK Financial Conduct Authority as an authorised payment institution. We enable international money transfers across Europe and other global destinations, adding a new one every month.[/box]
[box type=”note” align=”” class=”” width=””]About Level39
Level39 is Europe’s largest technology accelerator space for businesses in the finance, retail, cyber security and future cities technologies sector. Level39 puts entrepreneurs in the same space as some of the world’s most influential technology investors, industry experts and organisations, accelerating their traction and access to markets.[/box]