London-based fintech TransferGo is now seeking €11.5 million through a funding round on equity crowdfunding platform Seedrs.
As previously reported, TransferGo currently offers transfers between nearly 50 countries and recently claimed to be the first remittance company to offer a cryptocurrency trading facility with customers now able to purchase and sell five cryptocurrencies, which are Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin.
TransferGo is raising capital at a pre-money valuation of €58,742,945. According to the offering page on Seedrs, smaller investors will be investing at the same share price as the lead investors, but into a different share class. Details are available for registered users.
TransferGo reports more than 700,000 customers registered on its platform, adding an average of 1,000 new customers every day since May.
“TransferGo is the most convenient way to send money abroad for migrants and businesses: 10x cheaper than banks and cash bureaus; same business day delivery and a guaranteed destination amount without any extra charge.”
The company also claims that it is a ‘pure-play digital’ international money transfer service that is regulated by the UK Financial Conduct Authority (FCA) as an authorized payment institution.
While speaking about the company’s growth and development, CEO and Co-Founder of TransferGo, Daumantas Dvilinskas, reportedly stated:
“There is [a] huge opportunity in the remittance market, only six percent 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.”
In regards to what the funds from the Seedrs round will be used for, the TransferGo team shared:
“Now that TransferGo has established itself as a player in the European CEE remittance space, the focus is two-fold: scale the international money transfer offering globally by focusing on the emerging markets, and introduce new products for existing and new customer segments. Having so far focussed on remittances from the UK, Germany and Scandinavia to countries in Eastern Europe, we are now looking to shift our core markets into new remittance corridors throughout Europe and the Baltics.”
Since launching, the campaign has successfully secured more than €10.8 million from more than 425 investors. The crowdfunding offer is scheduled to close at the end of December.
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