By Aisling Finn on Monday 23 November 2020
The funding will be used to help TransferGo expand and develop its digital payment platform.
Money transfer group TransferGo has received £4m in debt funding from Silicon Valley Bank to help it power instant payments.
The fintech will use the fresh cash to develop and expand its real-time payments for its consumers, SMEs and enterprise customers.
Craig Fox, director at Silicon Valley Bank, said: “We are very excited to deepen our partnership with TransferGo as we look forward to being a part of their growth story as it expands its cycle of innovation to attract more customers to a faster, cheaper and more accessible way to send money around the world.”
Just like its fellow money transfer services, TransferGo has had a strong 2020.
Cross-border payments grew by over 117 per cent in the last fiscal year and its customer base has now grown to 2.5m users worldwide.
Daumantas Dvilinskas, CEO and co-founder of TransferGo, said: “Today marks the beginning of a prosperous relationship with Silicon Valley Bank.”
“With its heritage in championing start-ups and providing support and mentoring to innovators, it is the perfect partner to accompany us during the pandemic and as we enter our next stage of business growth.”
Back in June, the remittances fintech entered 11 new markets, including Singapore and Saudi Arabia, operating in 32 markets in total globally.
The fintech also recently bolstered its executive team, hiring former Paddy Power, lastminute.com and The Restaurant Group exec Edgardo Savoy as its new chief technology officer.