Lithuanian-based money transfer business, TransferGo, has launched its UK operation. The company is part of the Canary Wharf Fin-Tech Accelerator programme - Level 39 - and has received a further €200,000 from venture capitalists Practica to help expand the service in the UK and beyond. The firm also has support from the head of Level39, Eric Van der Kleij and Square's Greg Kidd.

Headed-up by CEO, Daumantas Dvilinskas, TransferGo was founded in 2012 and originally started operating in the Lithuanian and Baltic markets after receiving €150,000 of seed funding from Baltics-based venture capital fund Practica Seed Capital KŪB. “Like most places, the fees that banks charge consumers in the UK are too high,” says Dvilinskas. “We created TransferGo because we understood the frustration caused by money transfers that are complicated, slow and expensive. Many of our current users have to transfer funds frequently due to the regular need to send money abroad. Often the money is needed for important reasons, like family or bill payments, so the next-day guarantee is well-received. Now our focus is on introducing the service to the community of 7.5 million migrants living in the UK that we know that will also benefit from being able to transfer money home quickly and at a fraction of the cost of other services.”

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