TransferGo secures £4 million Debt investment from Silicon Valley Bank

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TransferGo secures £4m from Silicon Valley Bank to power instant payments

London, UK – TransferGo, one of the world’s fastest growing money transfer companies, today announces it has received £4m 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 start-ups 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 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.

ENDS

About TransferGo

Founded in 2012, TransferGo has established itself as one of the most trusted money transfer services in the world. Its focus on delivering, fast, reliable remittances has led it to become the only Pan-European money transfer company that can guarantee an individual’s money will reach its destination in 30 minutes. By putting the customer experience first TransferGo has built a brand that thousands of clients trust and a product they love. Its vision is to make international financial services pain-free and without artificial borders.

Founder and CEO Daumantas Dvilinskas was included in the 2017 Forbes 30 under 30. The company was nominated for “Fastest Rising Startup of the Year” at the TechCrunch Europa Awards 2018 and listed as one of 2019’s five hottest UK start-ups by TNW.

About Silicon Valley Bank

For more than 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial banking and lending services, SVB helps address the unique needs of innovators.

Silicon Valley Bank is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK under No. FC029579. Silicon Valley Bank is authorised and regulated by the California Department of Financial Protection and Innovation (DFPI) and the United States Federal Reserve Bank; authorised by the Prudential Regulation Authority with number 577295; and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. © 2020 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license.

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Safiya Marzook

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