TransferGo Raises £4m from Silicon Valley Bank

TransferGo, one of the world's fastest growing money transfer companies, recently announced that it has received 5 million EUR (£4m) in funding from Silicon Valley Bank(SVB). This financing enables the company to further expand and develop its real-time payments platform, ultimately improving product and experience for consumers, SMEs and enterprises.

This news comes off the back off a phenomenal year for TransferGo, which has seen its cross-border payments grow by over 117% in the last fiscal year alone. 

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, the partnership signals a commitment by TransferGo and SVB to service millions of migrants that want to send money home – quickly, securely and affordably.

Commenting on the partnership, Daumantas Dvilinskas, CEO and co-founder at TransferGo, said: "With its heritage in championing startups and providing support and mentoring to innovators, Silicon Valley Bank is the perfect partner to accompany us during the pandemic and as we enter our next stage of business growth.”

“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,”added Craig Fox, Director at Silicon Valley Bank.