Warsaw-based Spoko app nabs €5 million to expand its money transfer app internationally

Today Polish startup Spoko.app, a fintech operating in the international money transfer market, has nabbed €5 million from its strategic investor FinTech Ventures S.A. This will enable Spoko.app to accelerate its geographical expansion in 2021 – 2022 by entering further countries, as well as developing its product.

Founded in 2017, Spoko.app is a fintech which specializes in instant international cash transfers. Recently, the COVID-19 pandemic has resulted in a significant acceleration of the development of the instant cash transfers market, boosting this startup’s business considerably. Money can currently be transferred through Spoko.app from 32 to 45 countries, through a convenient mobile app. The advantage of this solution is that money can be sent instantly, in the preferred way, through access to local payment methods in the given country.

Transfers can be made to many countries, such as Ukraine, Nigeria, Turkey or Brazil without a commission and with very attractive exchange rates. The user can see the full cost of the transaction before it is conducted.

“Spoko.app has a huge potential for further growth, while the speed at which it is growing reinforces our conviction that it can become a serious global player very shortly. We believe in the team that forms Spoko.app and we shall support it in implementing this ambitious plan”, said Ivan Hanamov, President of FinTech Ventures S.A.

The fresh funds coming from its main shareholder, FinTech Ventures S.A. will enable Spoko.app to pursue its strategy of entering new markets, as well as developing the app used by its 400,000 worldwide users.

“We want to have a presence on every market where foreigners work and from where they want to send money to their home country. We are already operating globally, but with strong support from our main investor we will be able to grow even faster”, said Evgeny Chamtonau, CEO of Spoko.app, “This means that millions of people around the world who travel and work away from their home country will be able to send money in the best and most convenient way for them. Our ambition is to change the money transfers market and we have an idea about how to do that”, he added.