TransferGo receives electronic money license

TransferGo, the international fast online transfer company, has been granted its e-Money license from the Bank of Lithuania. The license allows electronic money storage & transfer and other financial services in the countries of the European Union.

2018-07-23 11:50:57

The facilities provided by the partnership with the Bank of Lithuania will help TransferGo access new ways of expanding its operations, focusing on the development of innovative services. The license gives permission to use electronic money in the European Union and offers the company a wider set of operational options, such as the ability to store customers′ money in deposits.

"Getting this electronic money license opens a new chapter in our business evolution and we are confident that this collaboration will help us access new development paths," said Daumantas Dvilinskas, CEO of TransferGo. "The license brings us even closer to our primary goal: to carry out instant transfers between customers and to create new competitive products that are tailored to the consumers' needs."

The process of obtaining the electronic money license was one of the most important goals of the company this year and is part of TransferGo's strategy to invest in the business consolidation. The additional e-money license issued by the Bank of Lithuania covers more than the one obtained in the United Kingdom and will therefore open the way to the development of new products and allow further improvement of the already available services.

With operations in over 47 countries and more than one billion Euro transferred through its own platform, TransferGo has already positioned itself as a leader in European fintech and in the online remittance space.

Throughout time, the company has attracted investments worth 17.8 million Euro as a means to support the expansion of its operations and as well as to diversify the product portfolio.
Until now, Romanians have sent with TransferGo over 100 million Euro, the number of clients increasing year by year. The average amount sent by Romanians is around 420 Euro per transaction.