Remittance outfit TransferGo has closed a Series B funding round of $17.5 million, led by Vostok Emerging Finance and Hard Yaka from Silicon Valley, with participation from Revo Capital, U-Start Club and Practica Capital.
The round has been carried out in two tranches, with the first capital injection taking place in May and the current second tranche taking the total to $17.5 million.
The latest funding comes on the back of a successful crowdfunding campaign on Seedrs, which was expected to raise a total of EUR11.5 million.
Launched in 2012, the company has a rapidly growing customer base of 833,000 users and continues to add more than 1,000 new customers per day. 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: “After growing 100% year on year we’ll now accelerate that growth even further. We’ll use this funding to fuel our international expansion and increase market share particularly across Turkey, India, Ukraine and Russia and continue to develop new products and services for our customers."