Draft:TransferGo

TransferGo
TypePrivate
IndustryFinancial technology
FoundedJanuary 18, 2012; 14 years ago (2012-01-18)[1]
Founders
Daumantas Dvilinskas

Justinas Lasevičius Edvinas Šeršniovas Arnas Lukošius

[2][3]
Headquarters
London
,
United Kingdom
Area served
160+ countries[4]
Key people
Daumantas Dvilinskas (CEO)

Justinas Lasevičius (CFO)

Products
International money transfers

Multi-currency account Business account Physical and virtual debit cards

Number of employees
400+ (2026)[5]
SubsidiariesUAB TransferGo Lithuania
Websitetransfergo.com

TransferGo is a British–Lithuanian financial technology company that provides online cross-border money transfer services and multi-currency accounts for consumers and businesses. It is headquartered in London, with a regulated operational entity, UAB TransferGo Lithuania, based in Vilnius.[6][1]

The company was founded in 2012 by Daumantas Dvilinskas, Justinas Lasevičius, Edvinas Šeršniovas and Arnas Lukošius, a group of Lithuanian entrepreneurs who met as students in the United Kingdom.[2][3] TransferGo is authorised as an electronic money institution (EMI) by the Financial Conduct Authority (FCA) in the United Kingdom and by the Bank of Lithuania in the European Union; the Lithuanian EMI licence was first issued to UAB TransferGo Lithuania in July 2018 and supplemented in February 2026 to cover further payment services.[7][6][8][5]

History

Founding and early years (2012–2015)

Transfergo Ltd was incorporated in England and Wales on 18 January 2012.[1] According to co-founder Justinas Lasevičius, the idea grew out of the founders' personal experience as international students in the UK, who found that sending money between the United Kingdom and Lithuania required visiting bank branches and paying high fees.[3] The company initially operated in the Baltic states before launching in the UK in October 2013 after joining the Level39 fintech accelerator in Canary Wharf.[2]

In 2013, the company received seed funding totalling €350,000 from Practica Seed Capital, a Baltic early-stage investor, in two tranches.[2] In December 2015, TransferGo raised $2.5 million in a further seed round, led by angel investors Mark Ransford (former investor at Apax Partners), Voria Fattahi (former investor at Kinnevik), former Travelex CEO Clive Kahn and Richard Tudor (former partner at Exponent, with participation from Practica Capital.[9][10][11]

Expansion (2016–2020)

In 2018, TransferGo raised $17.6 million in a Series B round led by Vostok Emerging Finance and Hard Yaka, with participation from Revo Capital, U-Start Club and Practica Capital. The round also included approximately $830,000 raised via the equity crowdfunding platform Seedrs. At the time the company reported 833,000 customers and operations in 47 countries, with offices in London, Vilnius, Berlin, Warsaw and Istanbul.[12]

In July 2018, the Bank of Lithuania board issued an electronic money institution licence to UAB TransferGo Lithuania, the company's Lithuanian subsidiary, authorising it to issue and redeem electronic money and to provide credit transfer and money remittance services across the European Economic Area.[8]

In 2018, TransferGo began offering free money transfers to Ukraine, which the company describes as a first for an international money-transfer provider in that corridor.[13]

In November 2020, TransferGo secured £4 million in debt financing from Silicon Valley Bank's UK branch, which the company said would be used to develop its real-time payments platform for consumer, SME and enterprise clients.[14]

Series C and further growth (2021–2023)

In September 2021, TransferGo raised $50 million in a Series C round co-led by Elbrus Capital Fund III and Black River Ventures, with participation from Unlimint and existing investors Hard Yaka, VEF, SmartHub and Milano Investments. The round brought total funding to $77 million at that point and valued the company at $200–300 million.[15][16] The company reported 3.5 million customers and payments coverage of 160 markets at the time of the round.[16]

Following the outbreak of the war in Ukraine in February 2022, TransferGo was among several international money-transfer providers that introduced fee waivers for transfers to Ukraine. The National Bank of Ukraine listed TransferGo alongside Western Union, MoneyGram, Ria Money Transfer and Intelexpress as providers that had removed or reduced fees for Ukrainian customers.[17] The company subsequently signed an agreement with the European Bank for Reconstruction and Development to cap its fees on Ukraine transfers at 3%, below the World Bank's reported average fee of approximately 7% for that corridor.[13]

In August 2023, the Bank of Lithuania fined UAB TransferGo Lithuania €310,000 for violations of the Lithuanian Law on the Prevention of Money Laundering and Terrorist Financing, citing deficiencies in customer due diligence, risk management and internal controls. The company was ordered to remedy all identified violations by 1 December 2023 and stated that it had submitted a remediation plan to the regulator.[6][18]

Business expansion (2024–present)

In April 2024, TransferGo raised a further $10 million in growth funding from the Taiwan-based investor Taiwania Capital, with the stated intention of expanding in the Asia-Pacific region. The company reported that the round approximately doubled its valuation compared with its 2021 Series C.[19]

In February 2025, the company launched a multi-currency business account for customers in the UK and the European Union, initially supporting balances in GBP, EUR, PLN and RON.[4][20] In May 2025, TransferGo announced a partnership with the UK banking-as-a-service provider Griffin to safeguard GBP customer funds and offer easy-access savings accounts to business customers.[21]

On 17 February 2026, the Bank of Lithuania supplemented UAB TransferGo Lithuania's electronic money institution licence to permit additional services, including cash withdrawals from payment accounts, the issuance of payment instruments and the acquiring of payment transactions. The company stated that it intended to use the expanded licence to launch TransferGo-branded payment cards for European Union residents.[5][22][23][24] At the time of the announcement, TransferGo reported serving more than 8 million customers in 160 countries with more than 400 employees. By the third quarter of 2025, UAB TransferGo Lithuania ranked among the top three Lithuanian electronic money institutions by revenue from licensed activity, with €35.1 million in such revenue, and 22nd of 114 institutions by total payment volume of €2 billion.[25][5]

Products and services

International money transfers

TransferGo's core product is an account-to-account online money-transfer service. The company uses a "local-in, local-out" settlement model in which funds are paid into a local account of TransferGo in the sender's country and paid out from a local account in the recipient's country, avoiding a direct cross-border payment.[12] Transfers can be received to bank accounts, payment cards or mobile wallets, depending on the destination.[4]

Multi-currency account

In addition to one-off transfers, TransferGo offers a consumer multi-currency account that allows users to hold, receive and exchange multiple currency balances within a single account. At launch the account supported GBP, EUR, PLN and RON.[4]

Business account

TransferGo Business, launched in February 2025, is a multi-currency account aimed at small and medium-sized enterprises in the UK and EU. The product offers individual IBANs for local currency collection, currency conversion and international payments.[4][20]

Funding

The following is a summary of TransferGo's principal funding rounds as reported in independent financial and technology media.

Date Round Amount Lead investor(s) Source
2013 Seed €350,000 Practica Seed Capital [2]
Dec 2015 Seed $2.5 million Mark Ransford, Voria Fattahi, Clive Kahn, Richard Tudor (angels); Practica Capital [11][10]
2018 Series B $17.6 million Vostok Emerging Finance, Hard Yaka [12]
2020 Debt £4 million Silicon Valley Bank (UK) [14]
2021 Series C $50 million Elbrus Capital, Black River Ventures [15][16]
2024 Growth $10 million Taiwania Capital [19]

Regulation

TransferGo Ltd (UK) is authorised by the Financial Conduct Authority as an electronic money institution under the Electronic Money Regulations 2011 and the Payment Services Regulations 2017, with FCA firm reference number 991295.[7] Its sister entity, UAB TransferGo Lithuania, was issued an electronic money institution licence by the Bank of Lithuania on 10 July 2018 and is supervised by it under the Lithuanian Law on Electronic Money and Electronic Money Institutions, with the licence enabling passporting of services across the European Economic Area.[8][6] In February 2026, the Bank of Lithuania board supplemented the licence to permit additional payment services.[5][24]

Reception and criticism

Bank of Lithuania AML fine (2023)

In August 2023, the Bank of Lithuania imposed a €310,000 fine on UAB TransferGo Lithuania after an inspection found that the institution had not always properly identified customers, their representatives or beneficial owners, and had not consistently collected information on the purpose and intended nature of business relationships. The regulator also found deficiencies in due-diligence measures for higher-risk customers and the absence of a designated board member or senior employee responsible for anti-money-laundering and counter-terrorism-financing measures. The Bank of Lithuania issued a mandatory instruction for all identified violations to be remedied by 1 December 2023. TransferGo told FinTech Futures that it had submitted a remediation plan and that no money-laundering incidents had been identified.[6] The fine formed part of a wider enforcement wave in 2023 in which Lithuanian authorities issued approximately US$2.4 million in AML-related penalties against financial institutions.[18]

Response to the war in Ukraine

TransferGo's response to the Russian invasion of Ukraine received attention in the fintech and payments press. The National Bank of Ukraine publicly acknowledged the company alongside other providers that had introduced fee waivers for Ukrainian customers in March 2022.[17] In 2024, PaySpace Magazine awarded TransferGo a silver nomination as best cross-border transfer-service provider in Ukraine, the only non-bank recognised in the category.[13]

See also

References

  1. ^ a b c "Transfergo Ltd - Company Profile". Endole. Retrieved 23 April 2026.
  2. ^ a b c d e O'Hear, Steve (23 October 2013). "After Raising Further €200K, TransferGo Launches Its Money Transfer Service In UK". TechCrunch. Retrieved 23 April 2026.
  3. ^ a b c "Meet the Team: Justinas Lasevičius, CFO and Co-Founder". TransferGo. Retrieved 23 April 2026.
  4. ^ a b c d e ffnews (3 February 2025). "TransferGo Launches Multi-currency Accounts for Global Business Clients". The Fintech Times. Retrieved 23 April 2026.
  5. ^ a b c d e "TransferGo Enters New Stage of Growth as Bank of Lithuania Expands EMI Licence". The Fintech Times. 3 March 2026. Retrieved 23 April 2026.
  6. ^ a b c d e "TransferGo hit with €310,000 fine from Bank of Lithuania for AML failings". FinTech Futures. 8 August 2023. Retrieved 23 April 2026.
  7. ^ a b "Transfergo Ltd – FCA Financial Services Register". Financial Conduct Authority. Retrieved 23 April 2026.
  8. ^ a b c "Elektroninių pinigų įstaigos licencija – UAB TransferGo Lithuania". Lietuvos bankas (in Lithuanian). July 2018. Retrieved 23 April 2026.
  9. ^ "COBALT advised Practica Capital on its investment in Lithuanian Startup TransferGo". COBALT. Retrieved 23 April 2026.
  10. ^ a b "TransferGo secures record $2.5 million investment". The Fintech Times. Retrieved 23 April 2026.
  11. ^ a b Spaven, Emily (17 December 2015). "Digital remittance startup TransferGo secures $2.5m in funding". UKTN. Retrieved 4 May 2026.
  12. ^ a b c O'Hear, Steve (14 December 2018). "International money transfer company TransferGo scores $17.6M Series B". TechCrunch. Retrieved 23 April 2026.
  13. ^ a b c "TransferGo Recognized Among Leaders in the Financial Sector in Ukraine". Nordic Fintech Magazine. January 2024. Retrieved 23 April 2026.
  14. ^ a b Kandaswamy, Sharon (24 November 2020). "TransferGo secures £4m from Silicon Valley Bank". FinTech Futures. Retrieved 23 April 2026.
  15. ^ a b "Orrick Advises TransferGo on $50 Million Series C Round". Orrick, Herrington & Sutcliffe. September 2021. Retrieved 23 April 2026.
  16. ^ a b c "Cross-border payments fintech TransferGo lands $50m Series C funding". FinTech Futures. Retrieved 23 April 2026.
  17. ^ a b "International Money Transfer Systems Support Ukraine". National Bank of Ukraine. March 2022. Retrieved 23 April 2026.
  18. ^ a b "How to Prepare for a Bank of Lithuania Inspection". CAML. Retrieved 23 April 2026.
  19. ^ a b Butcher, Mike (9 April 2024). "TransferGo raises $10M to expand its remittance business in Asia, doubling valuation". TechCrunch. Retrieved 23 April 2026.
  20. ^ a b "TransferGo moves into B2B; launches multi-currency business account". Finextra. 3 February 2025. Retrieved 23 April 2026.
  21. ^ "TransferGo Teams Up With Griffin for GBP Wallets and Savings". The Fintech Times. May 2025. Retrieved 23 April 2026.
  22. ^ "„TransferGo" klientai galės išsiimti grynuosius pinigus iš mokėjimo sąskaitos". Lrytas (in Lithuanian). 17 February 2026. Retrieved 23 April 2026.
  23. ^ "„TransferGo" klientai iš mokėjimo sąskaitos galės išsiimti grynuosius pinigus". Delfi (in Lithuanian). February 2026. Retrieved 23 April 2026.
  24. ^ a b "Lietuvos banko valdybos nutarimai". Lietuvos bankas (in Lithuanian). 17 February 2026. Retrieved 23 April 2026.
  25. ^ ELTA (2026-02-17). "LB: „TransferGo" klientai galės išsiimti grynuosius pinigus iš mokėjimo sąskaitos". lrt.lt (in Lithuanian). Retrieved 2026-05-05.

Official website

Entry at the FCA Financial Services Register


Category:Online remittance providers Category:Foreign exchange companies Category:Payment service providers Category:Online financial services companies of the United Kingdom Category:British companies established in 2012

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