Money transfer firm bags over £13m in Series B investment

Today (December 14), TransferGo has closed a Series B funding round for $17.5m (around £13.5m), led by Vostok Emerging Finance and Hard Yaka from Silicon Valley, with participation from Revo Capital, U-Start Club and Practica Capital.

The round has been carried out in two tranches, with the first capital injection taking place in May and the current second tranche taking the total to $17.5m.

TransferGo also recently closed a crowdfunding campaign on the Seedrs platform which surpassed its fundraising target with over 1,000 investors participating.

In October, TransferGo launched the first completely free international money transfer service, a service with no transaction fee and no mark up on exchange rates allowing customers to transfer money around the world at absolutely no cost.

CEO and co-founder, Daumantas Dvilinskas, said: “After growing 100 per cent year-on-year, we’ll now accelerate that growth even further.

“We’ll use this funding to fuel our international expansion and increase market share particularly across Turkey, India, Ukraine and Russia and continue to develop new products and services for our customers.”