VILNIUS, Oct. 5 (Xinhua) -- TransferGo, Lithuanian money transfer services startup, has started operations in China, announced the company on Thursday.
One of Lithuania's biggest startup companies explains the move is based on intensifying economic cooperation between Lithuanian and Chinese companies.
"During recent years, Chinese direct investments into Lithuania have increased almost six-fold. We hope that fast and cheap international money transfers would contribute to strengthening ties between Lithuanian and Chinese businesses," Daumanats Dvilinskas, chief executive of TransferGo, was quoted as saying in a press release.
Dvilinskas sees demand for money transfer services coming from companies purchasing commodities and goods directly from Chinese manufacturers.
The company says money transfers from businesses and individuals would reach a recipient in China within a day.
Up until now, in Asia the company's users were able to transfer money to Hong Kong, India and the Philippines. TransferGo currently operates in 46 countries with monthly transfers averaging around 15 million British pounds (19.7 million U.S. dollars). The company aims to expand beyond Europe.
Since its launch in 2012, the startup has raised 10.55 million U.S. dollars in total from private equity investors. TransferGo says its revenue has doubled in recent 12 months, without specifying the number.
Earlier this year, the Lithuanian regulator issued e-money institution license to Chinese fintech company IBS Lithuania, a branch of International Business Settlement Holdings Limited, allowing the company to issue and redeem electronic money, provide payment services across the European Union.