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A few weeks ago, Estonian money transfer startup TransferWise raised a $26.6M round at $1.1 billion valutation, and consequently, it was crowned as the first Unicorn from Eastern Europe. And on June 27th, amidst deep diving pound and stocks, and discussions on how Brexit would impact startups, fintech, and investments, the London-based Lithuanian TransferGo announced a $3.4M Series A round. TransfeGo, just like its Estonian counterpart, offers cheap, fast and secure digital remittance service with a primary goal to help expats send the money to their families back at home without having to pay huge commissions. TransferGo charges a flat fee per transfer.
The investor – Vostok Emerging Finance – is based in Stockholm, and said they had been considering this investment for a while, and the outcome of the referendum haven’t had an impact on their decision. In 2015, Transfergo snagged a seed round from private investors: Mark Ransford, former investor at Apax Partners, Voria Fattahi, former investor at Kinnevik, Clive Kahn, ex-CEO of Travelex and Richard Tudor, former partner at Exponent, with participation from the Lithuanian early-stage fund Practica Capital. In 2014, Practica Capital had put $455,000 in the startup.
TransferGo was founded in 2012 by Daumantas Dvilinskas, Edvinas Sersniovas, Justinas Lasevicius, and Arnas Lukosevicius. Currently, it has over 100,000 users, employs 40 people, and is available operates in 39 countries.
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