TransferGo secures £4 mn in financing from Silicon Valley Bank UK Branch

By Megha Bhattacharya

TransferGo has received £4 million in financing from Silicon Valley Bank UK Branch (SVB). The funding is expected to enable the FinTech to develop and expand its real-time payments platform for consumers, SMEs and enterprise clients.

“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.

TransferGo stated that SVB’s support will enable it to serve migrants wanting to send money home and speed up the programme of digital payments transformation. The funding round will be focused on boosting the FinTech’s real-time payments service and its local-in and local-out model.

Recently, TransferGo announced a partnership with Visa in a bid to bring real-time international money transfers to consumers’ bank cards. The service is currently live in 32 markets including Germany, Spain, Romania, Poland, Ukraine and Turkey and has the potential to expand to a total of 178 countries in the future with additions such as the UK, Italy and Nigeria.

“Today marks the beginning of a prosperous relationship with Silicon Valley Bank,” commented Daumantas Dvilinskas, CEO and Co-Founder of TransferGo. “With its heritage in championing start-ups 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.”