Tech Pitch: TransferGo
The European entrepreneurs behind the “disruptive” money transfer service discuss starting-up in London
Company name: TransferGo
Founders: Daumantas Dvilinskas, CEO (26), Justinas Lasevicius, CFO (25), Arnas Lukosevicius, CTO (34), Edvinas Sersniovas, COO (25).
- Dvilinskas – co-founder of Pinevio and Green Trends, MD at Startup Monthly Vilnius.
- Lasevicius – co-founder of Green Trends, financial analyst at SEB bank, CSR at Transcom,
- Lukosevicius – 10 years commercial experience in back-end engineering of banking payment processing.
- Sersniovas – professional UI and marketing expert.
Based in: Canary Wharf’s Level 39
Very simply, what does your tech start-up do?
- TransferGo is a pure‐play digital money transfer start-up which enables faster, cheaper and more convenient international money transfers than banks, Western Union, MoneyGram and other new players.
- No hidden fees, guaranteed destination amounts, guaranteed delivery time and great customer service.
- We have built our own infrastructure and direct relationships with banks in different countries, which allows us to collect and distribute payments 10 times cheaper than banks and still guarantee next business day delivery of funds and guarantee the amount delivered as a standard service.
Tell us why there’s a need – what do you disrupt?
The worldwide remittance market will total $679bn by 2015 and of that, $136bn will be digital. TransferGo is the leading pure‐play digital remittance brand across digitally savvy remittance corridors.
Organisations that currently facilitate the majority of international money transfers worldwide ‐ Western Union, MoneyGram etc. – are very expensive, slow and digitally inferior with other start-ups in the space using traditional infrastructure.
TransferGo is digitally native, has proprietary infrastructure and, therefore, will always be more efficient, cheaper and offer better customer service. International money transfers at high street banks usually cost over £20 and include additional costs such as exchange rate mark‐ups of 3% to 5%. There are also other hidden fees, such as receiver bank costs and it can takes three days or more for the money to arrive in the destination country.
We've all been stung by high bank costs for international money transfers. Those days are over, with TransferGo.
Are you funded?
Yes, we received €200,000 in a seed round led by Baltic venture firm Practica Captial in late 2012.
What were you doing before starting?
At the time of creating the company Dvilinskas, Lasevicius, and Sersniovas, were involved in other import-export start ups and noticed that using banks to pay for goods in other European countries was unreasonably expensive. They were importing environmentally friendly bags (Green Trends) from Lithuania and conducting international transfers to Lithuania to pay for the production of these bags. A good friend of Daumantas was hiring freelancers in UK and paying them from Lithuania so they agreed to swap currencies and avoid making international transfers and TransferGo was created.
What the best thing about where you’re based?
Level39 (Europe’s leading financial technology accelerator) is uniquely placed to bring together the hottest tech talent from London's tech city and global players in the finance and retail marketplace. The working spaces at Level39 enable tech companies to create, test and market their products to some of the world's most influential technology buyers and investors.
It is great to be in the space where everyone is related to financial technologies and that the common network of contacts is increased exponentially. Only 1% of applicants get accepted to Level39.
TransferGo appeared at business pitching event Tech Pitch 4.5 in February 2014. www.4pt5.co.uk