International money transfer company TransferGo has secured £4m in funding from Silicon Valley Bank.
The pre-Series C investment will fund the expansion of TransferGo’s real-time payments platform, which is used by consumers, SMEs and enterprises.
The London-based fintech said it will use the funds to “pursue an accelerated programme of digital payments transformation”.
Founded in 2012, TransferGo is used by 2.5 million people to send remittances with a guaranteed transfer time of 30 minutes.
Silicon Valley Bank, a US-based high-tech commercial bank, will provide financial advice and expertise as part of the deal.
“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,” said Craig Fox, director at Silicon Valley Bank.
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TransferGo said its cross border payments grew 117% during the last fiscal year, despite the pandemic significantly decreasing the flow of global travel.
“Today marks the beginning of a prosperous relationship with Silicon Valley Bank,” said Daumantas Dvilinskas, CEO and co-founder of TransferGo.
“With its heritage in championing startups and providing support and mentoring to innovators, it is the perfect partner to accompany us during the pandemic and as we enter our next stage of business growth.”
Dvilinskas founded the company after encountering slow transfers with big fees while paying suppliers at his import and export business from Lithuania.
In June, TransferGo raised $10m in funding, which followed a $17.6m Series B round in December 2018.
This year it also launched in 11 new markets, including Japan, New Zealand, Saudi Arabia, Singapore and Ghana. Money can now be sent to more than 65 countries.
Last month TransferGo partnered with VISA to enable global pay-out to cards around the world, with the potential to expand into 178 countries.