COBALT advised Practica Capital, a group of venture capital companies, on a record USD 2.5 million investment in Lithuanian Startup TransferGo. The company has also attracted investment from other well-known international investors, including Mark Ransford, former investor at Apax Partners, Voria Fattahi, former investor at Kinnevik, Clive Kahn, former Travelex CEO; and Richard Tudor, former partner at Exponent. It has been the largest investment in a financial services startup in Lithuania so far.
TransferGo is an international payment provider, which enables faster, cheaper and more convenient international money transfers. System is used for low and medium value international account-to-account, account-to-mobile/mobile to account and mobile-to-mobile money transfers. TransferGo has grown significantly since its launch in 2013 and is now serving more than 100 000 customers.
TransferGo has expanded transfer destinations to include Australia, Israel, South Africa and Canada, adding to 39 countries including the UK, Ireland, Spain, Poland, Austria, Romania, Cyprus, Switzerland, Estonia, Lithuania and the USA among others.
The work of COBALT lawyers included drafting of transaction documents, representing Practica Capital during negotiations, conducting due diligence and advising on other transaction related matters. The team was led by Eva Suduiko, Senior Associate at COBALT.