TransferGo, a London-based fintech has secured £4m in funding from Silicon Valley Bank in a pre-Series C round held in November 2020.
The fresh capital will fund the expansion of TransferGo’s real-time payments platform, which can be used by consumers, SMEs and enterprises. According to the company, it will use the funds to “pursue an accelerated programme of digital payments transformation.”
Silicon Valley Bank, a US-based high-tech commercial bank will also provide financial advice and expertise as part of the deal.
The company said that its cross border payments grew 117% during the last fiscal year, despite the pandemic significantly reducing the flow of global travel.
The target group of the startup includes migrants who need a remittance system to wire funds home. TransferGo began its collaboration with Ripple in 2018 to enable Indian Migrants from the UK to send funds to India, affordably and in a matter of minutes, using Ripple’s technology.
The CEO of TransferGo said that the collaboration with Ripple has given the company an advantage over other remittance platforms in India.
What Silicon Valley Bank has to say
“We are very excited to deepen our partnership with TransferGo as we look forward to being a part of their growth story as it expands its cycle of innovation to attract more customers to a faster, cheaper and more accessible way to send money around the world,” said Craig Fox, director at Silicon Valley Bank.
About TransferGo
TransferGo was founded in 2012 by Arnas Lukosius, Daumantas Dvilinskas, Edvinas Sersniovas and Justinas Lasevicius. It is used by 2.5 million people to send remittances with a guaranteed transfer time of 30 minutes. The platform is the most convenient way to send money abroad for migrants and businesses as it is 10x cheaper than banks and cash bureaus. It provides same business day delivery and a guaranteed destination amount without any extra charge and, adding a new service destination every month. It is regulated by the UK Financial Conduct Authority (FCA) as an authorised payment institution.
About Silicon Valley Bank
SVB is the banking subsidiary of SVB Financial Group. It is one of the largest banks in the US and has helped over 30,000 startups as of now. The company works with technology, life science, cleantech, venture capital, private equity, and premium wine businesses. The firm provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 U.S. offices and seven international operations. From Darktrace to ZappiStore and Farfetch to WorldRemit, SVB is one of the banks that powers many of the UK’s most disruptive businesses. Forbes Magazine ranks SVB among America’s Best Banks and Fortune Magazine had named SVB as one of the Best Companies to Work For in 2012.
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