TransferGo seeks electronic money license

TransferGo has started the electronic money license acquisition procedure with the Bank of Lithuania. With it, they will be able to provide more than just their existing electronic money transfer solutions; they will also be able to further expand the business into other financial services, creating more opportunities for customers.

TransferGo is a licensed payment institution supervised by the UK Financial Services Authority, and under the current license, they can carry out international financial transfers.

Since their launch, TransferGo has continued to produce impressive results and has gained traction in a number of existing markets. They have also raised $10.5 million of investments and are leading the FinTech wave that is sweeping Europe. This will enable the company to create more impact and offer more to their customers. 

Daumantas Dvilinskas, Chief Executive Officer at TransferGo, is excited for the future. “This application opens up a new stage for company development. Until now we have provided a cross-border transfer solution that champions our customers and consistently delivers on service. With this license we will be able to offer customers even more financial solutions, such as real-time electronic money transfers and other services in the long run” he explains. “Having a license issued means we will be able to introduce new financial services throughout Europe, which we consider our home market.”

Marius Jurgilas, Member of the Board of the Bank of Lithuania, explains that the bank is focusing on creating a favourable regulatory framework for FinTech companies. This is why TransferGo, as one of the successful startups from Lithuania, is a prime candidate to obtain the electronic money license. 

So far, TransferGo has raised $10.5 million in funding from the venture capital firms Practica Capital, Vostok Emerging Finance, and several angel investors. The company has over 250,000 registered customers and currently employ 70 people with a view to grow the team to over 100 within 1 year. They recently opened an office in Berlin to expand their base across Europe. With media coverage in Forbes, The Huffington Post, TNW and National Geographic, they seek to ensure TransferGo consistently grows within the FinTech industry.

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