Lithuanian-based money transfer services provider TransferGo has officially made its entry into the UK to enable consumers and businesses to transfer money through its service to eleven European countries at cheaper rates.
TransferGo’s arrival in the UK follows after it has raised a further 200,000 capital from Baltic-based Practica Seed Capital to expand its operations in the country and other markets in future.
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Part of the London Fin-Tech accelerator Level 39, TransferGo has already received an initial 150,000 funding from Practica Seed Capital K?B to launch in the UK.
Operating using its own infrastructure and guaranteeing a reduced money transfer rate compared to others, TransferGo currently has more than 10,000 users and has seen £3 million transferred through its service to date, with £1.5m in September.
Headed by CEO, Daumantas Dvilinskas, TransferGo is co-managed by Tech VIP Greg Kidd, who acts as an advisor to Daumantas and his team.
Kidd said:"TransferGo has a focused and energetic team and, despite its infancy, has already developed a proven track record of getting things done in Europe.
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By GlobalData"TransferGo will give UK consumers more freedom of choice and marks a democratization of the money transfer market."
