We’re here to make your life easier. Whether you’re paying bills, supporting family, helping businesses or dealing with emergencies—we want you to be able to make fast, low-cost money transfers safely and securely. Why? Because not so long ago, sending money was a nightmare.
In 2012, CEO Daumantas was one of four young professionals starting an import and export business abroad. And international money transfers were a big problem. From paying our bills in Lithuania to sending money to suppliers, we struggled: slow transfers with big fees, zero customer service and hours of standing in kiosk queues. Why, in 2012, were we still traipsing to high-street banks just to make simple money transfers? And why were we paying for this ‘service’ through the nose? When our money was sent not only to the wrong country but in the wrong currency—and we weren’t even compensated—we’d had enough. We wanted change. We wanted to completely shake up the international money transfer industry. We wanted to create a unique business model with superior customer service. And that’s when TransferGo was born.
Starting a business is never easy, and it was no different for us. Six months trying to get regulatory licencing. Another four months to find a bank that would work with us. A year’s worth of personal savings—gone. Just when things were improving and customer feedback was positive, we had another set back. Despite being a licenced, fully-compliant financial institution, we got a letter from our bank saying they were going to shut us down. No reasons. No justification. They did it because they could. And when we asked why, we were told that telling us ‘was against their policy.’ We had 90 days to save the company. We knew that TransferGo was having a meaningful impact on our customers’ lives, and we didn’t want to let go of that. Just in time, we managed to find a bank that would work with us. The company survived. Ever since, we’ve been able to help even more of you send money transfers year on year. Over 2 million, last time we checked.
We want to make a tangible difference to your lives, reward your hard work, and help every one of you become more prosperous. How? By making global money transfers as simple as sending a text. Take Ivan, a migrant construction worker in Europe, who sends $12,000 back home every year. With his family earning only $20,000 a year, this extra income is the difference between making ends meet and living a comfortable lifestyle. Using TransferGo, Ivan saves 90% on his money-transfer costs, and can deliver the money to his family on the same business day. Making the money go to the people who matter most.
From our struggling early days, we’ve seen a shift in attitudes. Banks are more willing to partner up with innovative fintech companies; we work with over 30 globally these days. Some even send us expensive Swiss chocolates at Christmas—quite a transformation! With supportive accelerators such as Level39—our home in London—and fintech organisations such as Innovate Finance, of which we’re a proud founding member, we’ve seen TransferGo grow year on year. But it’s you who we really need to thank. All 2 million of you. From blue to white collar worker; bill payer to investment maker; all you people who constantly work hard behind the scenes to keep your family protected and the economy ticking. We started TransferGo for you.
We’ve come a long way since 2012, but this is just the start. Over the coming months we have more planned. More routes between countries. More currencies. More products. More offers. Ultimately, we want to reach out to even more of you. We don’t want people to be in the position of Daumantas’ mother, working hard for her family but seeing little reward. You deserve to be able to send your hard-earned money home at low-cost prices, quickly and easily. We want to give even more of you that opportunity.