TransferGo receives electronic money license from the Bank of Lithuania
The Bank of Lithuania has provided an electronic money license to the international money transfer startup TranferGo. This license opens up new development opportunities and makes it possible for the company to further simplify and speed up international money transfers, as well as to offer electronic money storage, real-time transfers and other financial services throughout the European Union, a press release from the startup states.
"Our team believes that people today must be given every opportunity to travel, work and communicate with relatives, wherever they are. In the same way they need to be able to receive the services they need, regardless of their location. This license brings us even closer to our primary goal: to carry out instant transfers between customers and to create new products," says TransferGo’s CEO and founder Daumantas Dvilinskas.
According to Dvilinskas, the electronic money license was one of the most important goals of the company this year. The company decided to obtain this license in Lithuania because of its conductive regulatory environment as well as the desire to contribute to the country’s long-term ambition to become the center of financial technologies (Fintech) in the Nordic and Baltic region.
"The process went smoothly, avoiding bureaucracy by using simple, but process-accelerating tools, such as e-signatures. Since the TransferGo team has been operating in four different countries, such a fluid approach was very important for the company," says Dvilinskas.
TransferGo will continue to be under the oversight of the UK Financial Services Authority and will continue to use the UK issued license for international financial transfers. 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 for further improvement of the already available services.
Any companies seeking the e-money licence in Lithuania must meet strict requirements: the company must be established in Lithuania, possess the necessary capital, have an impeccable shareholder reputation, as well as adequate data protection systems and comply with national security interests.
In the highly viable Lithuanian fintech ecosystem, TransferGo is the most successful startup in recent years. The company currently unites nearly 100 specialists located in the company's departments in Vilnius, Berlin, London and Warsaw. In total, TransferGo’s services are provided in 47 countries. Over five years, the company has attracted more than 20 million US Dollars in investments. Currently, TransferGo has around 650 thousand clients worldwide, and this number is growing by 30 thousand new users per month.