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. 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. “Today marks the beginning of a prosperous relationship with Silicon Valley Bank,” commented Daumantas Dvilinskas, CEO and co-founder of TransferGo. 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.