The new funding is expected to accelerate Spoko's geographic expansion and further develop the product.
Specialising in instant international cash transfers, Spoko is seeking to stand apart from competitors through attractive exchange rates and transparent transaction costs. Through the app, Spoko currently offers customers the ability to send from 32 countries to 45 countries. Transfers to Nigeria, Ukraine, Brazil, and Turkey can all be made without a commission fee.
As of February of this year, Spoko is reporting 400,000 users, and the new financing will provide for international expansion, as well as partnering with more local markets, thus allowing users to transfer via their preferred payment method.
“We want to have a presence on every market where foreigners work and from where they want to send money to their home country. We are already operating globally, but with strong support from our main investor we will be able to grow even faster,” comments Spoko CEO Evgeny Chamtonau. “This means that millions of people around the world who travel and work away from their home country will be able to send money in the best and most convenient way for them. Our ambition is to change the money transfers market and we have an idea about how to do that.”