TransferGo, a provider of real-time digital money transfers, has closed a Series B funding round of $17.5 million.
Vostok Emerging Finance and Hard Yaka from Silicon Valley led the latest funding VC round, with participation from Revo Capital, U-Start Club and Practica Capital. The latest funding for the London-based fintech comes shortly after a successful crowdfunding campaign on Seedrs, which the company expected to raise 11.5 million euros (U.S. $12.9 million).
TransferGo will use the funding to fuel international expansion and increase market share, particularly across Turkey, India, Ukraine and Russia, CEO and co-founder Daumantas Dvilinskas said in a Friday press release. The company will continue to develop new products and services, he added.
The company recently began to expand its portfolio, including the establishment of a cryptocurrency trading facility. Citing it as the best way to quickly reach scale, TransferGo announced two months ago it was
Launched in 2012, the company reports a customer base of 833,000 users and says it continues to add more than 1,000 new customers per day with 100 percent yearly growth. TransferGo promises a 30-minute turnaround time for bank account transfers across Europe.
