Blockchain Remittance Firm TransferGo To Run Crowdfunding Campaign On Seedrsbr>
London-based remittance firm TransferGo will be running an equity crowdfunding campaign on Seedrs, an equity crowdfunding platform for investing in startups and later-stage businesses throughout Europe.
Founded by Daumantas Dvilinskas in 2012, TransferGo is a digital remittance solution for migrant workers that uses a digital account-to-account business model, which means that money transfers do not have to leave the country as funds are paid in and out locally. The company has a customer base of 750,000 users and are onboarding 1,000 users a day, with operations in 48 countries around the world. It recently begun to expand its portfolio, including a crypto trading facility, and a Ripple-enabled real-time service in India.
The equity crowdfunding campaign, which was launched in response to increasing demand from their users, has €10.5 million ($12M USD) of previously committed capital from investors and over 5000 people pre-registered to invest. The firm is expecting to raise a total of €11.5 million ($13M USD) through the campaign to fuel further international expansion and product development.
“Our customers are at the centre of everything we do and as we continue to expand and innovate, we want them to be part of our journey,” said said CEO and co-founder Daumantas Dvilinskas. “We are launching this crowdfunding campaign so they can invest alongside our prominent european VC investors and share in our success.”
Dvilinskas added that the TransferGo team is focused on increasing the digital share by building solutions that work for consumers.
“There is huge opportunity in the remittance market, only 6% of global remittances are digital and this space is expected to grow from $1.5 billion in 2017 to $8.5 billion by 2025,” Dvilinskas said.
Last month, the company started processing blockchain-enabled money transfers between India and Europe using Ripple’s blockchain technology.
“By using Ripple’s revolutionary blockchain technology, we’re able to establish real-time communication between us and our banking partners in India, allowing TransferGo customers to send money to family and friends or make international payments immediately,” Dvilinskas said at the time.