London-based remittance agency, TransferGo, has acquired £4 million in financing from Silicon Valley Financial institution’s UK department (SVB).
The pre-Sequence C funding funds might be used to develop and develop TransferGo’s real-time funds (RTP) platform for customers, small and medium-sized enterprises (SMEs) and enterprise purchasers.
“We’re very excited to deepen our partnership with TransferGo as we sit up for being part of their development story because it expands its cycle of innovation to draw extra prospects to a quicker, cheaper and extra accessible option to ship cash all over the world,” says Craig Fox, director at SVB.
“Right now marks the start of a affluent relationship with Silicon Valley Financial institution,” feedback Daumantas Dvilinskas, CEO and co-founder of TransferGo. “It’s the excellent associate to accompany us throughout the pandemic and as we enter our subsequent stage of enterprise development.”
TransferGo additionally lately partnered with Visa enabling international pay-out to playing cards.
The agency claims to have 2.5 million customers and highlights its further $10 million funding in June, exhibiting a dedicated to increasing its international footprint and launching new companies on its cross-border funds platform.
TransferGo claims to have elevated its cross border funds by over 117% for the final fiscal 12 months.
The World Financial institution’s newest analysis on remittance exhibits that its flows to low and middle-income nations (LMICs) are projected to fall by 7%, to $508 billion in 2020. The supranational organisation predicts that cash transfers will additional decline by 7.5% to $470 billion in 2021.
See additionally: African remittance firms thrive amid COVID-19