The UK based cross border remittance startup that partnered Ripple for distributed ledger (DLT) technology, TransferGo, today announced that it has raised $17.5 million in a Series B funding through companies like U-Start Club, Revo Capital, Practica Capital, and was led by Vostok Emerging Finance and Hard Yaka from Silicon Valley.
This fund raised includes the $830,000 crowd fund gotten from the €11.5 million equity crowd funding campaign TransferGo kick started via Seedrs in October.
“After growing 100% year on year we’ll now accelerate that growth even further. We’ll use this funding to fuel our international expansion and increase market share particularly across Turkey, India, Ukraine and Russia and continue to develop new products and services for our customers,” the TransferGo CEO, Daumantas Dvilinskas, said.
According to Finextra, the $17.5+ Million Fund was successfully raised in two tranches which include the first capital injection in May.
With maximum operation in 47 countries across the globe and offices in London, Warsaw, Berlin, Vilnius, and Istanbul, the remittance firm boast of 833,000 users with the addition of over 1,000 new customers per day. TransferGo also claims it records about 1.5 million transactions a year.
With the hope offering one of the fastest remittance service in the world, TransferGo promises banks across Europe 30 minute turnaround transaction period.
“There is huge opportunity in the remittance market, only six perent of global remittances are digital and this space is expected to grow from $1.5 billion in 2017 to $8.5 billion by 2025. Our team is focused on increasing the digital share by building solutions that work for consumers from a brand they trust,” Dvilinskas averred.
TransferGo – Ripple (XRP)
With the intention of granting seamless real-time payments corridor to Indians, TransferGo partnered Ripple to leverage DLT.
While at Ripple Swell 2018 Conference, TransferGo discussed about its new product, TransferGo FREE, that will offer free global transfer to people around the world.
Currently, TransferGo is working on expanding its portfolio across the world to help foreigner workers among others make ease international fund transfer.
“Before using us they would have been using a cash bureau, bank or PayPal. In addition to this core segment, we see a growing larger transaction segment who are leveraging our competitive currency conversion rate for larger transactions to pay bills or buy goods abroad,” he adds.