TransferGo - the fastest, low cost guaranteed next-day service to transfer money to loved ones around the world - announces the launch of it's UK operation today.
Headed-up by CEO, Daumantas Dvilinskas, TransferGo was founded in 2012 and originally started operating in the Lithuanian and Baltic markets after receiving an initial €150,000 of seed funding from Baltics-based venture capital fund Practica Seed Capital KŪB.
The business, part of the Canary Wharf Fin-Tech Accelerator program - Level 39, also announces receiving a further €200,000 from Practica as part of its seed round, and has recently opened a Series A round with strong commitments from current investors. This funding will help with the UK expansion of the service and beyond in to other target markets.
To date, the platform has already seen £3 million transferred with £1.5 million transferring in September alone and since inception, the service has had a fast-growing adoption rate by over 10,000 users - all looking for a lower cost and faster service for overseas remittances.
Where TransferGo differs from other competitors that are also operating in this disruptive space, is that it has its own unique infrastructure, making it the cheapest* service that guarantees its users a safe and secure next-day payment.
TransferGo's growing number of users range from parents sending money to support their families at home, to businesses paying offshore invoices; foreign students transferring money for UK tuition to retirees transferring pensions to support their life in the sun - they all benefit from a fully transparent system that does away with the high fees (up to six per cent) that some banks charge to transfer cash abroad.
"Like most places, the fees that banks charge consumers in the UK are too high!" says Dvilinskas. "We created TransferGo because we understood the frustration caused by money transfers that are complicated, slow and expensive.
Many of our current users have to transfer funds frequently due to the regular need to send money abroad. Often the money is needed for important ret reasons, like family or bill payments, so the next-day guarantee is well-received. Now our focus is on introducing the service to the community of 7.5 million migrants living in the UK that we know that will also benefit from being able to transfer money home quickly and at a fraction of the cost of other services!"
TransferGo is supported by Tech VIP Greg Kidd - who is acting as an advisor to Daumantas and his team.
"TransferGo has a focused and energetic team and, despite its infancy, has already developed a proven track record of getting things done in Europe," says Kidd. "Lean, disruptive businesses such as TransferGo will give UK consumers more freedom of choice and marks a democratisation of the money transfer market."
In addition to having support from Square's Greg Kidd, TransferGo's have direct and daily access to the head of Level39 - Eric Van der Kleij - as part of it's residency there. Eric is the former CEO of the government's Tech City initiative and founder of Fintech company Adeptra.
*Other competitors charge users to guarantee a next-day service.