International Money Transfer Service TransferGo Scores €5 Million Investment from Silicon Valley Bank

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UK-based international money transfer platform TransferGo has reportedly secured €5 million investment from Silicon Valley Bank. The new investment comes less than six months after TransferGo raised $10 million through its latest investment round.

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.”

The company previously secured €11,297,362 through its equity crowdfunding campaign on Seedrs at the beginning of 2019. Speaking about the Silicon Valley Bank investment, Daumantas Dvilinskas, CEO and Co-Founder of TransferGo, stated:

“Today marks the beginning of a prosperous relationship with Silicon Valley Bank. 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.”

TransferGo added that it is planning to use the investment funds to further develop and expand its real-time payments platform for consumers, SMEs, and enterprise clients.

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