Money Transfer Competition Heats Up As TransferGo Secures US$3.4m

Money transfer solutions are playing an ever bigger role in the world of finance today. TransferGo, a platform that offers cheaper rates compared to banks and other remittance solutions, secured US$3.4m in an investment round. Vostok Emerging Finance is the company backing this Level39 member, and TransferGo will continue its international expansion.

TransferGo Shifts Into Higher Gear

Albeit Bitcoin will remain the cheapest money transfer solution for quite some time to come; TransferGo is a company to keep an eye on. Their recent investment round of US$3.4m will help the enterprise expand their presence in the international market. Supporting more currencies and countries is of the utmost importance.

TransferGo CEO and co-founder Daumantas Dvilinskas stated:

“We are excited to invite VEF to join our business as an investor. VEF’s fintech focus and long-term approach in building great lasting financial institutions is an exact match with the business philosophy here at TransferGo. Therefore, we believe that this collaboration is an important step for TransferGo en route to becoming a global fintech brand.”

Companies such as TransferGo will gain more importance in the coming years. Sending money around the world is a booming market, especially when migrant workers are concerned. Right now, the company serves 45 different countries in Europe, and they will continue to expand their availability in the coming months.

It is not the first time TransferGo secures a round of investment. The company closed a US$2.5m round last time, which let them launch the iOS application in less than five months. An Android version of this app has been in the works ever since, and the additional funding will help speed up the development.

Bitcoin is a cheaper solution for migrant workers, and it is globally accepted as well. Until we see mass adoption of cryptocurrency, companies such as TransferGo will gain importance. Choice is never a bad thing in the financial world; that much is certain. Lower fees are beneficial to consumers all over the world.

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