Lithuanian TransferGo raises a record $2.5 million seed round

    TransferGo, money sending abroad startup has raised $2.5 million investment led by Mark Ransford, former investor at Apax Partners; Voria Fattahi, former investor at Kinnevik Clive Kahn, former Travelex CEO; and Richard Tudor, former partner at Exponent and Practica Capital (VC).

    Asked about their competitive advantage over Estonian TransferWise and other finteech services tackling high banking fees, CEO of TransferGo is clear to state their advantage:

    We’re delighted to secure a seed round of this size, not only putting us above all other money transfer players at this stage but demonstrating that remittance services aren’t about disrupting banks, they are about working with them.

    This is one of TOP 5 biggest seed round investments in Baltics this year. With this money TransferGo plans to focus on three areas: expansion into new remittances corridors across Europe, product enhancements and attention to compliance.

    Our goal is to scale the success we had among the Eastern European migrants across Europe and beyond.

    Starting 2013 TransferGo now is serving more than 100,000 customers, having transferred more than £100 million and grown its customer base 20 per cent each month.