TransferGo secures “record breaking” $2.5m seed round
Canary Wharf fintech start-up is thought to have secured the largest seed investment of its kind in the money transfer space
Digital remittance service TransferGo has closed a $2.5m seed round led by Mark Ransford; former investor at Apax Partners, Voria Fattahi; former investor at Kinnevik, and Clive Kahn; former CEO of Travelex.
Launched in 2013, TransferGo claims to provide a faster, cheaper and more convenient international money transfer service than traditional banks, with “no hidden fees” and “close to real-time delivery”.
To date, the business has facilitated the transfer of £100m to over 100,000 customers in 39 countries including Australia, Israel and South Africa. The firm is based out of Canary Wharf Group’s financial technology (fintech) accelerator Level39.
The funding round is thought to be the largest of its kind in the money transfer space, with former partner at Exponent Richard Tudor and Practica Capital also participating.
Daumantas Dvilinskas, co-founder, TransferGo, commented: “We’re delighted to secure a seed round of this size, not only putting us above all other money transfer players at this stage but demonstrating that remittance services aren’t about disrupting banks, they are about working with them.
“We have made a strategic decision to collaborate with more than 30 of the world’s most respected and innovative banks, using their local transfer infrastructure to offer an unrivalled service in terms of price, speed and most importantly, security.”
Investor Ransford added: “TransferGo is providing an essential service to migrants who want to send money home. These are the people who can least afford the high fees currently being charged by existing providers.”