TransferGo has secured a $2.5 million investment, which it says is the largest round of seed funding in the money transfer space.
TransferGo’s digital remittance service is designed to enable faster, cheaper and more convenient international money transfers. Based at Canary Wharf accelerator hub Level39, since its launch in 2013 the firm has grown to serve more than 40 countries, and has transferred over £100 million for 100,000 customers.
The new round of financing was led by Mark Ransford, a former investor at Apax Partners, Voria Fattahi, a former investor at Kinnevik, Clive Kahn, the former CEO of Travelex, and Richard Tudor, a former partner at Exponent. Practica Capital (VC) also participated.
Daumantas Dvilinskas, CEO of TransferGo, said: “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.”
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