International remittance platform TransferGo is looking to raise up to €11.5m in its crowdfunding campaign.
This funding round is being raised as a mix of crowdfunding and an equity round.
At the time of writing, the company has pulled in €10.8m from 468 separate investors through its funding page which is being raised on Seedrs. There is a total of 16.42 per cent of TransferGo’s equity being offered through the sale; however, it is unclear whether this amount will increase if the company’s raises more than its initial goal.
The lead investors of the round, which represents the initial €10.5m raised, will receive Series A preference shares which hold anti-dilution rights on a down round. Investors through Seedrs will receive ordinary shares, but are at the same price as the lead investors.
This investment round has put a pre-money valuation on the FinTech at €58.7m.
TransferGo is a digital money transfer platform for migrants and businesses across Europe and Asia. The platform works by a user selecting the recipient’s details, and connecting with a local bank or debit card to make a local transaction of up to £1,000.
Founded in 2015, the company helps to save up to 90 per cent on international money transfer fees and can send money within 30 minutes.
TransferGo operates from offices in Berlin, London and Warsaw, and opened a new office in Lithuania last year. Currently, the company supports 47 countries and 22 different currencies.
The new funding comes just months after the company closed a $10m Series B round which was supported by Vostok Emerging Finance, Practica Capital and Revo Capital.
TransferGo recently partnered with RegTech 100 company Onfido to improve its onboarding process. By implementing Onfido’s machine learning-based identity verification technology, TransferGo will be able to ‘rapidly and securely’ onboard new users as it continues its global expansion.
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