London-based remittance outfit TransferGo has raised $10 million in a funding round led by Seventure and Vostok Emerging Finance, according to TechCrunch.
The firm, which now claims more than two million users, is also launching in 11 new countries, including Ghana, Japan, Saudi Arabia and Singapore. TransferGo has seen its customer list double since partnering with Ripple in 2018.
CEO Daumantas Dvilinskas tells TechCrunch that the company has seen growth of 30% during the Covid-19 lockdown. TransferGo provides services to 47 countries in 22 different currencies.
“With footfall decreasing dramatically in high-street financial services companies, anyone looking to send money abroad to friends and family has become reliant on digital-first money transfer services,” says Dvilinskas.
In 2018, TransferGo partnered with Ripple on a program to help Indian migrant workers send money home to their families faster than ever. Today, the company can transfer funds from a sender in Europe to a recipient bank account in India in just a few minutes.
TransferGo’s Co-Founder and CEO Daumantas Dvilinskas stated:
“After launching our Ripple corridor to India, we were able to pay out remittances in minutes,” explained Dvilinskas. “Our U.K. customers are second-and third-generation Indians sending money to family and friends in India to help them pay utility bills and cover education costs. TransferGo enables those recipients to get that buying power as quickly as possible. Ripple gives us a competitive edge in India, which is the largest global cross-border remittance market, and today we’re moving more than a couple of million pounds per year.”
Seventure has a Digital Opportunities Fund (€56m) finances the innovative companies identified as having strong growth potential, mainly in France and Germany, and operating in the field of digital technologies: Fintech (including Insurtech & Regtech), Retailtech, and Other innovative digital companies.