Justinas Lasevicius is the co-founder and CFO of TransferGo, a digital remittance solution for migrant workers.
Education
Justinas Lasevičius earned a Bachelor’s degree in Economics from the Vilniaus Universitetas in 2008, and a Bachelor’s degree in Finance from Lancaster University in 2011. At Lancaster University, Lasevičius has an equivalent to 3.67 – 4.00 GPA, thus acquired the First Class Honors Degree.
Lasevičius participated in a team project to build a dynamic model capable of importing data from 23 data files at the click of one button. Lasevičius filtered, analyzed, and interpreted complex dataset with more than 2000 records. Lasevičius also completed an individual project in which he executed data mining tasks using the SEMMA process to attain the best credit scoring prediction model from readily available data of 5960 customers and wrote a technical report of my analysis, experiments, and final recommendations. Lasevičius is also proficient in VBA programming and SAS Enterprise Miner.
Early career
Before co-founding TransferGo, Lasevičius was employed from being a Customer Service Representative to Senior Customer Service Representative at Transcom, as Casual Research Assistant at Intersperience Research Ltd, Financial Analyst at SEB Bank, and a Fellow at the DigitalCity Innovation.
Lasevičius also co-founded and served as the Financial Officer of Green Trends. Green Trends was selected for the Business Heroes program and worked together with the charity “Save the Children” to raise money for the Haiti earthquake relief efforts, selected as NACUE Start-Up of the Week, and has participated in a 12-month Flying Start Business Readiness Programme.
Lasevičius has also participated in Boost 2010 Undergraduate Placement Programme at the University of Teesside in Middlesbrough, UK.
TransferGo
In 2012, Lasevičius co-founded and became the CFO of TransferGo, a digital remittance solution for migrant workers, along with Edvinas Šeršniovas and Daumantas Dvilinskas as CEO, and registered in the UK. Later, developer Arnas Lukoševičius, who created the website design and system, joined the team.
In 2013, TransferGo earned their small payment institution license, which authorized the team to transfer money to and from all EEA countries. In 2013, Greg Kidd, a consultant, and a financial expert to numerous international companies, founder of Dispatch Management Services Corporation, and an investor of Twitter joined the team. Lasevičius directs the company on financial management and business development.
In May 2013, TransferGo received from the most famous Lithuanian news portal Delfi and the Danish Chamber of Commerce, the “2013 Most Innovative Business Talent Award”. In June 2013 the company started the Refer-a-Friend program, which enables customers to make extra income, by referring new customers to TransferGo; the customer earns 1% of the amount transferred.
TransferGo accepted a silver innovation prize at HackOsaka in Japan in 2014. In June 2014, TransferGo launched a direct debit card payments and mobile version. In October 2014, as a part of SIBOS international conference in Boston, Dvilinskas was chosen to deliver a speech on the subject of “Bank of Ties versus Bank of Facebook.”
In 2017, TransferGo’s prosperity soared, a per year succession-rate of 1 million transfers training with transfers topping £500 million (half a £billion). After the expansion into China, TransferGo serves 22 currencies and 45 countries.
Services
As of 2017, TransferGo had processed over £500 million (half a £billion) in online transfers via the app and web. TransferGo transfers money between 22 countries and 45 European countries. These countries include the United Kingdom, Spain, Slovenia, Slovakia, Romania, Portugal, Poland, the Netherlands, Norway, Malta, Luxembourg, Lithuania, Latvia, Italy, Ireland, Greece, Germany, France, Finland, Estonia, Cyprus, China, Belgium, and Austria. TransferGo can also offer transfers to other European countries, though they would have to pay out in €.
Users are permitted to have either a business or a personal account or both, and there are no daily transfer limits set by the company. TransferGo’s website is available in 7 languages: English, Latvian, Romanian, Russian, Lithuanian, Polish, and Ukrainian. TransferGo operates according to principles of local in – local out.
Funding rounds
In September 2013, TransferGo raised €975,000 in a venture round from investor Practica Capital. In October 2013, TransferGo raised €150,000 in a seed round from existing investor Practica Capital. In November 2014, TransferGo raised an undisclosed amount in another seed round from investors SmartHub and Bogdan Iarovoi. In December 2015, TransferGo raised €2.5 million, led by a former investor at Apax Partners Mark Ransford with other investors, including a former investor at Kinnevik Voria Fattahi, a former CEO of Travelex Clive Kahn, and a former partner at Exponent Richard Tudor. Existing investor Practica Capital has also participated in this round.
In June 2016, TransferGo raised €3.4 million in a Series A round led by Vostok Emerging Finance. In August 2017, TransferGo raised €2.9 million in a Series B round led by Vostok Emerging Finance. Practica Capital has also participated in this round. In May 2018, TransferGo raised €10 million in another Series B round from existing investors Vostok Emerging Finance, and Practica Capital. Revo Capital has also participated in this round. In October 2018, TransferGo raised €11.3 million in an Equity Crowdfunding round from Seedrs, which the company values around €58.7 million.
In December 2018, TransferGo raised €7.6 million in another Series B round, led by Vostok Emerging Finance and Hard Yaka. Existing investors include Revo Capital, Practica Capital, and new investor U-Start. In May 2019, TransferGo raised €2.6 million led by Vostok Emerging Finance. Existing investors include U-Start, Seedrs, Revo Capital, Practica Capital, Hard Yaka, and new investor Seventure Partners.
TransferGo has raised a total of $44.4 million in funding and funded by 13 investors. TransferGo has $1.8 million in an estimated revenue annually. TransferGo competes with TransferWise, WorldRemit, and Azimo.