No fees for international transfer? Global remittance company TransferGo has reportedly launched the first “completely free” international money transfer service. Customers may transfer money around the world at “absolutely no cost”, averred the platform; in lieu of fees, the money transfer will be offered at the mid-market (inter-bank) foreign exchange rate.

“Our product innovation is driven by the highest pain points for our customers, which in this case was the fees currently charged by incumbent [and challenger] players in the market. We believe in stripping down the complicated fee structures that can be difficult to understand – we want our customers to have complete confidence that we are providing a service with no transaction fee and no mark up on exchange rates, it’s just free,” explained TransferGo Founder and CEO Daumantas Dvilinskas. “In today’s global society, customers should be able to transfer money to friends and family internationally at no cost, in the same way they can domestically.”

[email protected] Plans to Grow! Updates and @Seedrs Campaign @JustinasL @daumis2475‏ #remittance #fintech Click to Tweet

Powered by TransferGo Now, TransferGo allows customers to make international money transfers instantly. More than 700,000 users have utilized the platform to date. In a quick comparison with TransferWise, the platform’s closely perform, i.e. for a 10,000 euro transfer to GBP, TransferWise offered 8,838.77 GBP (30.71 EUR commission) while TransferGo offered an exchange of 8,825.33 GBP.

Co-founded by Dvilinskas and Justinas Lasevicius in 2012, TransferGo is poised for growth, initiating a Seedrs crowdfunding campaign (the pre-registration is now live) on 12 October so that its customers can “can share in our success,” said Dvilinskas. TransferGo guarantees customer money will reach its destination in 30 minutes.

The company has been steadily growing, including its recent decision to buy and sell crypto and its partnership with Ripple to enable cross border payments between India and Europe.

Crowdfund Insider reached out to the platform to learn more details about the campaign and plans for growth.

“We are launching this crowdfunding campaign to give our customers an opportunity to be a part of our journey. We received a lot of organic demand for it and this is the perfect timing,” responded Daumantas via email. “The funds we raise will be used to fuel our international expansion and continued product innovation, our team is always dedicated to solving our customers biggest pain points.”

New Insight @TransferGo @Seedrs Campaign @JustinasL @daumis2475‏ #remittance #fintech Click to Tweet

Why Seedrs? Why crowdfunding?

“TransferGo saw Seedrs as the right partner for their crowdfunding campaign because of their great tech, team and track record, with impressive past experiences on some large campaigns,” explained Daumantas. “The global digital remittance market is just 6% of the total market, with an incredibly large percentage that is still cash based. This creates a huge opportunity for disruption as TransferGo aims to grow the digital share by providing an excellent product with a brand that customers love and trust.”

To pre-register for TransferGo’s campaign on Seedrs, click here.