Spoko.app said to raise €5m in its new funding round

International money transfer app Spoko.app has reportedly collected €5m in funding from its strategic investor FinTech Ventures S.A.

With the capital burst, the FinTech hopes to continue its international growth, with plans to enter several new countries and release new products, according to a report from EU-Startups.

The mobile app enables consumer to send money from 28 countries to the local currencies of 15 countries. Its services are available 24/7 and is secured by banking encryption.

Its website claims that banks often charge 7% to 8% for money transfers, but its services charges less. However, it does not stipulate how much its fees are.

FinTech Ventures S.A. president Ivan Hanamov told EU-startups, “Spoko.app has a huge potential for further growth, while the speed at which it is growing reinforces our conviction that it can become a serious global player very shortly. We believe in the team that forms Spoko.app and we shall support it in implementing this ambitious plan.”

Spoko’s founder Evgeny Chamtonau also stated that the FinTech aims to be present in every country where foreign workers wish to send money back to their home country.

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