Ripple Partner TransferGo Rakes in 5 Million EUR from Silicon Valley Bank

London-based TransferGo money wiring company, which has been a Ripple partner since 2018, has spread the word about getting 5 million euros from SVB—the U.K. branch of Silicon Valley Bank—to develop a real-time payments platform.

TransferGo rakes in 5 million euros

SVB is the bank subsidiary of SVB Financial Group. It is among the largest U.S. banks and helps fund startups—over 30,000 by now.

Now it has provided TransferGo with five million euros to develop and expand its own platform for real-time payments that will be used by SMEs, corporate customers and retail clients.

The target group of customers in particular for TransferGo is migrants who need a remittance system to wire funds home from the U.K. in a quick and secure manner and at a low price.

The global pandemic has proven to be a driver for further development of digital payments and the digital economy overall.

Partnership between TransferGo and Ripple

The two companies began their collaboration back in 2018 to enable Indian migrants to the U.K. to conduct remittances back home faster than before.

These days, using Ripple's technology, TransferGo can send funds from the U.K. to India cheaply and in only a matter of minutes.

The CEO of TransferGo, Daumantas Dvilinskas, admits that Ripple has given the company a competitive advantage in India among other remittance platforms.

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