LEADING EUROPEAN VENTURE CAPITAL FIRM SEVENTURE PARTNERS INVESTS IN THE REMITTANCE COMPANY TRANSFERGO, AS THEY REACH 1,000,000 CUSTOMER MILESTONE
TransferGo hits landmark milestone following successful Series B funding round and an additional $3.4 million investment from Seventure Partners
LONDON, UK (May 07, 2019) – TransferGo, one of the world’s fastest growing money transfer companies, today announced that its global customer base has surpassed one million and continues to grow by more than 2,000 new users each day. This landmark follows a $3.4 million investment from Seventure Partners, one of the European leaders in venture capital.
Based in London, UK, TransferGo is the quickest, most reliable remittance company in Europe and with a Trustpilot score of 9.6 and an NPS score of 75, it has built a much-loved brand based on transparency, trust and user experience. Last year the company announced a fee-free offer – the first completely free international money transfer service.
Since launching in 2012 it has seen 100 per cent year on year growth and is now accessible in 47 countries. In December 2018 the company closed a Series B funding round for $17.5 million.
“TransferGo represents a new breed of FinTech companies that are really shaking up the remittance market. Its impressive growth and progress that really caught our attention, along with its customer-centric approach and commitment to continued innovation, make it the perfect fit for our investment strategy in the FinTech field,” said Ludovic Denis, Venture partner in the Digital technologies team at Seventure Partners. “We’re looking forward to working with the team and supporting their exciting development going forward.”
Commenting on the company’s landmark achievement, CEO and cofounder Daumantas Dvilinskas said: “We’re delighted that one million people around the world are now using TransferGo to send money to friends and family internationally. Our customers are at the heart of everything we do so reaching this milestone is a huge testament to the work we’ve put into creating new solutions that work for our users, as well as a service that exceeds customer experience expectations.”
Dvilinskas continued, “We’ve had an exceptional year so far that’s seen us hit $1bn in money flow as well as each one million customers- and we’re far from done. Currently, only twelve per cent of global remittances are digital and this space is expected to grow 11% CAGR over the next 5 years, which could be north of $400bn by 2023. We’re really committed to making the most of this opportunity and ensuring digital remittances are accessible to as many people as possible – and we’re delighted that Seventure Partners supports this vision.”
Founded in 2012, TransferGo is the fastest, most reliable, remittance company in Europe and is the only Pan-European money transfer company that can guarantee your money will reach its destination in 30 minutes. We put the customer first and deliver transparency, and by prioritising customer experience, we’ve built a brand that thousands of clients trust and a product they love (rated Excellent on Trustpilot, with 96% 5* reviews NPS of 83) our vision is to make international financial services pain-free and without artificial borders.
Founder and CEODaumantas Dvilinskas was included in the 2017 Forbes 30 under 30 and the company was recently nominated for “Fastest Rising Startup of the Year” at TechCrunch Europa Awards 2018.
About Seventure Partners
With €750m net commitments under management as of the end of 2018, Seventure Partners is a leading venture capital firm in Europe. Since 1997, Seventure Partners has been investing in innovative businesses with high growth potential in two fields: Life sciences across Europe, Israel, Asia and North America, and Digital technologies in France and Northern Europe. In Digital technologies, the three main areas of focus include FinTech/Insurtech, Retailtech, and Other digital innovative solutions.
Investments can range between €500 000 and €10m per round, or up to €20m per company, from early to late stage. Seventure Partners is a subsidiary of Natixis Investment Managers, which ranks among the world’s largest asset management companies. Listed on the Paris Stock Exchange, Natixis is the corporate finance, management and financial services bank of BPCE, the second largest banking group in France.
For more details: www.seventure.com / Twitter @SeventureP