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London-based remittance firm, TransferGo, has received £4 million in financing from Silicon Valley Bank’s UK branch (SVB).
The pre-Series C investment funds will be used to develop and expand TransferGo’s real-time payments (RTP) platform for consumers, small and medium-sized enterprises (SMEs) and enterprise clients.
“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,” says Craig Fox, director at SVB.
“Today marks the beginning of a prosperous relationship with Silicon Valley Bank,” comments Daumantas Dvilinskas, CEO and co-founder of TransferGo. “It is the perfect partner to accompany us during the pandemic and as we enter our next stage of business growth.”
TransferGo also recently partnered with Visa enabling global pay-out to cards.
The firm claims to have 2.5 million users and highlights its additional $10 million investment in June, showing a committed to expanding its global footprint and launching new services on its cross-border payments platform.
TransferGo claims to have increased its cross border payments by over 117% for the last fiscal year.
The World Bank’s latest research on remittance shows that its flows to low and middle-income countries (LMICs) are projected to fall by 7%, to $508 billion in 2020. The supranational organisation predicts that money transfers will further decline by 7.5% to $470 billion in 2021.
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