London-based TransferGo secures €5 million from Silicon Valley Bank to power instant payments
TransferGo, one of the world’s fastest growing money transfer companies, today announces it has received around €5 million in financing from Silicon Valley Bank UK Branch (SVB), the bank of the world’s most innovative companies. This will enable the business to further develop and expand its real-time payments platform for consumers, SMEs and enterprise clients.
With over 35 years of experience partnering with innovators, SVB’s financial expertise and guidance will enable TransferGo to pursue an accelerated programme of digital payments transformation. With remittances proving a mainstay of financial inclusion, even during the midst of a pandemic, today’s partnership signals a commitment by TransferGo and SVB to service millions of migrants that want to send money home – quickly, securely and affordably.
Despite the market volatility throughout the year, TransferGo continues to defy expectations, seeing cross border payments through its corridors grow by over 117% for the last fiscal year. The funding will be concentrated on its real-time payments service and its local-in, local-out model, that helps 2.5 million customers worldwide send money across borders in seconds.
Today’s announcement reflects the continued investment TransferGo is making in its award-winning remittances platform. With 2.5 million users and an additional $10 million (around 8.4 million) investment in June, it is committed to expanding its global footprint and launching new services on its cross-border payments platform. TransferGo also recently partnered with VISA enabling global pay-out to cards.
Dec. 18, 2020