PR88011

LONDON, Feb. 9, 2021 /PRNewswire=KYODO JBN/ --

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.

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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( https://www.transfergo.com/en ) 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(

https://www.forbes.com/profile/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.

For more information visit thoughtmachine.net

SOURCE Thought Machine