Canary Wharf fintech TransferGo ‘to expand and innovate’ with €11.5m crowdfund

Canary Wharf-based money transfer company TransferGo is launching a nine-figure campaign on equity crowdfunding platform Seedrs.

Announced this morning (October 29), the campaign has €10.5m (c.£9.33m) of previously committed capital behind it and a minimum target of €1m (£890k).

TransferGo currently has a customer base of around 750,000 users. But the firm is onboarding 1,000 users a day and now operates in 48 countries.

The crowdfunding campaign, it said, comes in response to increasing demand from its users.

Daumantas Dvilinskas, TransferGo’s CEO and co-founder, explained: “Our customers are at the centre of everything we do and as we continue to expand and innovate, we want them to be part of our journey.

“We are launching this crowdfunding campaign so they can invest alongside our prominent European VC investors and share in our success.”

As the campaign already has €10.5m committed from investors and more than 5,000 people pre-registered to invest, TransferGo is expecting is easily hit its €1m target and raise a total of €11.5m.

Chief exec Daumantas continued: “There is huge opportunity in the remittance market, only 6% of global remittances are digital and this space is expected to grow from $1.5bn in 2017 to $8.5bn by 2025.

“Our team is focused on increasing the digital share by building solutions that work for consumers from a brand they trust.”

The firm plans to use the investment to fuel its international expansion and drive product innovation.

Recent additions to its fintech portfolio include a cryptocurrency trading facility, new real-time services in India and TransferGo FREE, the world’s first completely free international money transfer service.

The firm was founded in 2012 and has been growing at 100% year on year since.

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