UPDATE:
raising and discussions started on the investor page. From the comments so far, they do not want to follow Transferwise’s strategy, they have their own strategy. Their service is good based on my previous experience. (including transferring investment funds via TransferGO to SeedRS 🙂 From VC investors (it turned out that there is one more institutional investor from the US – Hard Yaka) they collected around € 10.5M, and they expect 1M from the crowd. This is far less than Revolut has raised. Revolut did not regret the funding of the crowd, although it was just about a drop in the sea, but the advertising and the support they received from the crowd in exchange would pay off. In my opinion, TransferGO would not need this investment, it was more of a marketing campaign for this financing round. Which I think is an excellent idea. Unlike Revolut, the CEO answers the questions and is expected quarterly report on the investment page. In their opinion, this capital raise will cover their expenses with the next 1 year, expected additional capital raise, but not through SeedRS. However, they have exit / IPO goals.
A SeedRS campaign will launch soon for TransferGO. If you do not know TransferGO, I suggest you to start getting familiar with it. Transferwise, Revolut is their competitor, with a slightly different payment structure, but with better conditions (exchange rates) and with a commission-free transfer up to a limit. Registration can be done with a mobile phone within minutes, also identification (a photo can be made via the app of a personal document such as a passport, a photo of yourself and a PDF bank account statement to verify your address) and you may already have no limit of transferring money at the best rates. (Better exchange rates than Revolut or Transfewise) Unfortunately, they do not have any debit cards or “Borderless” accounts, so they have a plenty of space to grow.
I expect more, or at least the same growth as Revolut but I feel that this is the last fintech company I’m investing in, because I’ll have too much exposure compared to the other industries.
If you want to pre-register for the campaign, you can do it now on their SeedRS page. If you have not registered yet with SeedRS then it is worth doing it before.
Institutional investors are Revo VC (Turkish) and Vostok Emerging Finance (perhaps its Swedish). Vostok is a plc, listed on the stock exchange market.
Up until now, TransferGO raised about $20M of capital based on Crunchbase info (I think this is too small for this industry, at least 10x of that would be needed), question how much they want to raise now. I know the crowdfunding limit is 8M GBP. We’ll see when the raising starts.