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.

“We are very excited to deepen our partnership with TransferGo as we look forward to being a part of their growth story as it expands its cycle of innovation to attract more customers to a faster, cheaper and more accessible way to send money around the world,” said Craig Fox, Director at Silicon Valley Bank.

“Today marks the beginning of a prosperous relationship with Silicon Valley Bank,” commented Daumantas Dvilinskas, CEO and co-founder of TransferGo. “With its heritage in championing startups and providing support and mentoring to innovators, it is the perfect partner to accompany us during the pandemic and as we enter our next stage of business growth.”

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.