Remittance outfit TransferGo is to run a EUR11.5 million equity crowdfunding campaign on Seedrs.
With €10.5 million committed from investors and over 5000 people pre-registered to invest, the UK-based firm is expecting to raise a total of €11.5 million through the campaign to fuel further international expansion and product development.
Launched in 2012, the company has experienced 100% year-on-year growth, capturing a growing customer base of 750,000 users. TransferGo promises a 30 minute turnaround time for bank account transfers across Europe.
The company has recently begun to expand its portfolio, including a cryptocurrency trading facility, and a Ripple-enabled real-time service in India.
CEO and cofounder Daumantas Dvilinskas, says: “There is huge opportunity in the remittance market, only six perent of global remittances are digital and this space is expected to grow from $1.5 billion in 2017 to $8.5 billion by 2025. Our team is focused on increasing the digital share by building solutions that work for consumers from a brand they trust."