UK-based digital remittance company TransferGo has launched a major crowdfunding campaign with Seedrs to support its international expansion and development of new products.
The campaign already has €10.5m capital previously committed by investors. Nearly 5,000 people have pre-registered so far, and TransferGo is expecting to raise €2m from public investors.
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Launched in 2012, the online money transfer company boasts a customer base of around 750,000 users. It guarantees a 30 minute turnaround time for cross-border funds transfer.
In a statement, TransferGo CEO Daumantas Dvilinskas said: “Our journey and growth is powered by those customers, and this crowdfunding campaign is a way to bring customers even closer to our mission as we boost international expansion and develop new products.
“In this crowdfunding campaign we are expecting to raise €2m to boost our international expansion and product innovation plans.
“I see a huge opportunity in the remittance market. Today only 6% of global remittances are digital, with most transactions still cash-based. The online remittance market is expected to grow from $1.5bn in 2017 to $8.5bn by 2025.”
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By GlobalDataThe company has recently commenced its expansion efforts, including a cryptocurrency trading facility, and launch of a Ripple-enabled real-time service in India.
TransferGo is also offering free international money transfer service called TransferGo FREE, which allows customers to transfer funds globally at zero cost.
