Just a little over a year after raising $3.4 million, UK-based international money transfer platform TransferGo reportedly raised $10 million through its latest investment round. The platform also expanded its services to 11 next markets.
As previously reported, TransferGo claimed last year to be the first remittance company to offer a cryptocurrency trading facility with customers now able to purchase and sell five cryptocurrencies, which are Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin.
“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 further states it is a “pure-play digital” international money transfer service that is regulated by the UK Financial Conduct Authority (FCA) as an authorized payment institution.
“We enable international money transfers across Europe and other global destinations, adding a new destination every month.”
TransferGo also raised €11,297,362 through its equity crowdfunding campaign on Seedrs at the beginning of 2019. Despite the COVID-19 Pandemic situation, TransferGo CEO and Co-Founder, Daumantas Dvilinskas, stated to TechCrunch that the company has grown 30% over the lockdown period along with had a “significant uptake” in “organic growth.” He added:
“India, Turkey, Ukraine and Nigeria now among the fastest growing. This indicates that these markets are likely to leap the cash side, [just] like African markets made a leap to mobile, bypassing the PC.”