Starting a business in the City of London: TransferGo
The start-up explains why access to talent and influencers as well as being at the epicentre of fintech make the City of London a perfect location choice
Company name: TransferGo
Founders: Daumantas Dvilinskas, CEO, Justinas Lasevicius, CFO, Arnas Lukosevicius, CTO , and Edvinas Sersniovas, COO
Description: TransferGo is a digital remittance company for migrant workers, offering a secure online service that delivers fast and affordable cash transfers
What’s great about starting a business in the City of London?
London city is arguably the centre of fintech globally and we chose to base ourselves in the core of this innovative sector in Canary Wharf. We’re based in an accelerator called Level39, which provides us access to the broader financial services ecosystem and allows us to interact with our fintech peers on a daily basis.
Whilst getting into this area is highly competitive, once you’re there you can find a huge range of accessible resources and contacts. It’s been amazing for us. As we’ve grown we’ve moved into new spaces within the accelerator and are now joining their high growth space on the 42nd floor. Also, as a founding member of Innovate Finance, we have access to key industry influencers, regulators, technology and talent from across the globe.
What business support in the area have you used? How was it?
We have access to many formal and informal events in this area. We’ve participated in large events like Innotribe and also met up for casual beers with fellow start-up teams. This part of the city is very start-up friendly and the ecosystem is really growing in maturity and this helps at all levels, from recruitment through to marketing.
Name the top three reasons to set up a business in the City of London:
- Customers: London has a high concentration of migrant workers who we can target with our service – it’s also easy to get out across the city and understand the needs of our customers.
- Talent: We have access to diverse well-educated people to recruit with highly relevant skill sets and languages.
- Investors: The investor community in this part of the city is well established and able to invest in attractive start-ups.
Where could the City of London be better / what does it need?
Tax breaks for start-ups, whether it is for the first year or longer. It would really help to start building more businesses that could employ more people at a faster pace.
How easy has it been to access finance to grow?
We are venture capital funded but we build partnerships with banks and we’ve found it more difficult to deal with UK domiciled banks than in any other country in Europe, although newer bank challengers are much easier to deal with.
Where do you go to network in your area?
We do most of our networking via formal events organised by Level39, Innovate Finance and other industry bodies or media. We occasionally attend other events through meetup.com.
Where do you take a client for a business lunch?
Level39 has a great restaurant that can be used for important lunches. Around this part of London there are now many great places for coffee – an important need for a start-up! We recently had a customer meeting at Baltic Restaurant as it serves fantastic Eastern European cuisine.
Where’s great for a company night out?
We love anywhere that is hectic eclectic and serves tasty treats with cheeky cocktails! Locally we may go to The Parlour Bar in Canary Wharf, or venture a little further afield, to Loungelover or Ape and Bird.