TransferGo draws funds from the crowd and VC to boost blockchain plans
TransferGo, a provider of real-time digital money transfers, has closed a Series B funding round of $17.5 million.
Vostok Emerging Finance and Hard Yaka from Silicon Valley led the latest funding VC round, with participation from Revo Capital, U-Start Club and Practica Capital. The latest funding for the London-based fintech comes shortly after a successful crowdfunding campaign on Seedrs, which the company expected to raise 11.5 million euros (U.S. $12.9 million).
TransferGo will use the funding to fuel international expansion and increase market share, particularly across Turkey, India, Ukraine and Russia, CEO and co-founder Daumantas Dvilinskas said in a Friday press release. The company will continue to develop new products and services, he added.
The company recently began to expand its portfolio, including the establishment of a cryptocurrency trading facility. Citing it as the best way to quickly reach scale, TransferGo announced two months ago it was using Ripple's blockchain to support digital money transfers from Europe to India through the RippleNet platform.
Launched in 2012, the company reports a customer base of 833,000 users and says it continues to add more than 1,000 new customers per day with 100 percent yearly growth. TransferGo promises a 30-minute turnaround time for bank account transfers across Europe.