TransferGo taps Mastercard Send to expedite European money transfers

TransferGo will use Mastercard's push payment service to support near real-time money transfers for European customers.

The TransferGo/Mastercard Send partnership covers 20 European countries. TransferGo’s customers can use any payment card or bank account and deposit the money directly to a Mastercard debit or credit card in those countries. While the service is being branded as "real-time," the actual posting times will depend on the receiving financial institution.

“Our partnership with Mastercard comes at a time where this [is] a growing need for strong international digital payments structures — something that has only accelerated during the COVID-19 pandemic,” said Daumantas Dvilinskas, CEO and co-founder of TransferGo, in the release. “We will continue to be relentless in our support of the evolving needs of both new and existing customers as we develop and implement new technology that allows us to react fast, meet new challenges head-on and achieve new outcomes.”

In 2018, TransferGo launched a money transfer service using Ripple’s blockchain platform to support digital money transfers from Europe to India, following an earlier example used by MoneyGram for international transfers. Unlike MoneyGram’s pilot, TransferGo doesn’t use Ripple’s XRP cryptocurrency, but sends traditional currencies over RippleNet.

Andrew Harrer/Bloomberg

TransferGo is an international money transfer fintech that was founded in London in 2012. It has raised almost $70 million in debt and equity funds over 13 rounds according to Crunchbase, a website that tracks investments in private companies.

The 20 countries included in the TransferGo/Mastercard partnership are: Austria, Bulgaria, Czech Republic, Denmark, Estonia, Germany, Greece, Hungary, Latvia, Lithuania, Poland, Portugal, Romania, Russian Federation, Slovakia, Spain, Sweden, Turkey, Ukraine and the United Kingdom.