By Aisling Finn on Tuesday 9 February 2021
The company joins fellow fintechs Curve and Monese also using Thought Machine’s core banking platform, Vault.
Money transfer group TransferGo has joined forces with fellow fintech Thought Machine to help it accelerate its global expansion plans.
Thought Machine’s flagship product Vault will bolster TransferGo’s money transfer services, allowing the fintech to expand its real-time payments platform and build and release future products instantly.
Justinas Lasevicius, CFO and co-founder of TransferGo, said: “Hot off the heels of a $4m investment from Silicon Valley Bank in November, this partnership demonstrates our momentum in investing, innovating and disrupting the global remittance market.”
“Our customers are at the heart of every decision we make, and through our work with Thought Machine and their intuitive product Vault, we will introduce more enhanced services and drive impactful experiences for our migrant worker community.”
The fintech, which is currently available in 32 countries across the globe, will use Vault to deepen its presence in existing markets and expand into new territories.
Paul Taylor, CEO and founder of Thought Machine, added: “It is a testament to Vault’s flexibility and future-proof design that fast-growing, innovative institutions like TransferGo select us to architect their future.”
“Vault’s cloud-native design provides banks and fintech companies the tools to build their bank of the future.”
As a result of international travel being halted by the Covid-19 pandemic, TransferGo had a strong 2020, seeing a 60 per cent uptick in cross-border payments last year.
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.
Thought Machine has also been busy as of late, having created 150 new roles in 2020, extended its Series B by an extra $42m, bringing the total to $125m, as well as hiring ex-HSBC operations chief Andy Maguire as its new chair.
TransferGo joins a growing list of fintechs signing up to use Thought Machine’s core banking system, with the fintech now powering the likes of Curve’s new credit product Curve Credit and digital banking provider Monese.