Money remittance platform TransferGo has reportedly received a £4m credit facility, just months after securing a $10m investment round.
The debt line was supplied by Silicon Valley Bank and will enable the FinTech to develop and expand its real-time payments services, according to a report from altfi.
Users of TransferGo can make low-cost international money transfers to 62 countries and their local currencies.
TransferGo claims it has witnessed a strong period of growth, with its cross-border payments having grown by 117% in the last fiscal year. It currently has around 2.5 million users around the world.
Craig Fox, director at Silicon Valley Bank, said: “We are very excited to deepen our partnership with TransferGo as we look forward to being a part of their growth story as it expands its cycle of innovation to attract more customers to a faster, cheaper and more accessible way to send money around the world.”
The FinTech previously raised $10m in a funding round back in June from Seventure, Vostok Emerging finance, Hard Yaka, Revo Capital and Bootstrap Europe.
Alongside the close of the round, the company had announced it had entered 11 new markets, including Japan, New Zealand, Saudi Arabia and Ghana.
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