UK-based digital remittance company TransferGo has raised $17.5m in a funding round led by venture capital firms Vostok Emerging Finance and Hard Yaka.
Revo Capital, U-Start Club and Practica Capital also participated in the series B fundraising.
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TransferGo CEO and co-founder Daumantas Dvilinskas said: “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 remittance firm, set up in 2012, guarantees a 30-minute turnaround time for bank account transfers in Europe. Users of the TransferGo service can make fund transfers to 47 countries.
At present, TransferGo has a client base of 833,000. The firm intends to grow the figure by more than 1,000 daily.
TransferGo has branches in London, Vilnius, Berlin, Warsaw as well as Istanbul.
Two months ago, the firm launched a major crowdfunding campaign with Seedrs to enable international expansion and develop new offerings.
Earlier this year, TransferGo collaborated with Ripple to enable blockchain-powered near real-time transfers to India from European countries.
