TransferGo selects Thought Machine to drive global expansion

TransferGo, one of the world’s fastest growing money transfer companies, today announces a partnership with Thought Machine, the cloud native core banking technology company, to propel its ongoing product innovation and drive global expansion into new markets. By taking advantage of Thought Machine’s next generation cloud native core banking platform Vault, TransferGo will focus on enhancing its customer experience through better, more advanced platform capabilities. 

Building on a successful 2020, during which TransferGo defied market expectations to see cross-border payments grow by over 60%, Vault will be a critical component for sustained growth. By hosting payment services that are highly scalable, flexible, secure and fast in the cloud, Vault will empower TransferGo to expand its real-time payments platform, build products rapidly and release future card and account capabilities without delay. 

Importantly, Vault contains no legacy technology and so allows TransferGo to build and deliver payment services to its exact requirements. The technology will support TransferGo’s mission to continuously drive improvement to its digital payments service and the customer experience for the migrant worker community, helping them to move their money around the world quickly, safely and as cost efficiently as possible. 

“Hot off the heels of a $4m investment from Silicon Valley Bank in November, this partnership demonstrates our momentum in investing, innovating and disrupting the global remittance market,” says Justinas Lasevicius, CFO and Co-Founder of TransferGo. “Our customers are at the heart of every decision we make, and through our work with Thought Machine and their intuitive product Vault, we will introduce more enhanced services and drive impactful experiences for our migrant worker community.” 

“We are proud to be supporting TransferGo on their global rollout and product expansion. It is a testament to Vault’s flexibility and future-proof design that fast-growing, innovative institutions like TransferGo select us to architect their future. Vault’s cloud native design provides banks and fintech companies the tools to build their bank of the future,” says Paul Taylor, CEO and Founder of Thought Machine.

“By tapping into the power of the cloud, TransferGo will enjoy a host of benefits, including unparalleled scalability, reliability, security and speed. Coupled with Vault’s unique horizontal architecture – they will be unshackled from the constraints of legacy product building – free to focus on providing an exceptional customer service and a world-class remittance service.”

Today’s announcement reflects the continued investment TransferGo is making in its award-winning remittances platform. With over 2 million users and securing over $14 million in investments last year, it is committed to expanding its global footprint and launching new services on its cross-border payments platform. TransferGo also recently partnered with VISA and Mastercard, and bolstered its senior leadership team through the hires of Edgardo Savoy as Chief Technology Officer and Francesco Fulcoli as Chief Compliance Officer. These new developments will superpower its technology innovation roadmap.

About TransferGo

Founded in 2012, TransferGo has established itself as one of the most trusted money transfer services in the world. Its focus on delivering, fast, reliable remittances has led it to become the only Pan-European money transfer company that can guarantee an individual’s money will reach its destination in 30 minutes. By putting the customer experience first TransferGo has built a brand that thousands of clients trust and a product they love to use. Its vision is to make international financial services pain-free and without artificial borders.

Founder and CEO Daumantas Dvilinskas was included in the 2017 Forbes 30 under 30. The company was nominated for “Fastest Rising Startup of the Year” at the TechCrunch Europa Awards 2018 and listed as one of 2019’s five hottest UK start-ups by TNW.

About Thought Machine 

Thought Machine was founded in 2014 with a mission to enable banks to deploy modern systems and move away from the legacy IT platforms that plague the banking industry. We do this through our cloud native core banking platform, Vault. This next generation system has been written from scratch as an entirely cloud native platform. It does not contain a single line of code which is legacy, or pre-cloud.

Founded by entrepreneur Paul Taylor, Thought Machine’s customers include Lloyds Banking Group, SEB, Standard Chartered, Atom bank, Monese and Curve. We are currently a team of more than 450 people spread across offices in London, Singapore, Sydney, Melbourne, New York and have raised more than £110m in funding from Eurazeo, Draper Esprit, SEB, British Patient Capital, IQ Capital, Playfair Capital, Nyca Partners, Lloyds Banking Group and Backed.

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Source: PRNewswire/InfoQuest