FinTech Ventures will invest 20 million pln, to finance expansion of Spoko.app.
Fintech startup SPOKO is offers affordable money transfers to 14 countries, addressing the needs of 1.7 billion adults who have no access to a bank account or can’t afford traditional transfers. The Warsaw-based team offers a mix of online and offline transfer methods, aiming to operate in 51 countries, enabling money transfers to 86 countries.
The value of the global digital money transfer market is likely to reach $33.9 billion by 2026, KBV Resear estimates. According to the representatives of the domestic company Spoko.app, operating in this area, the increase is visible, and it was aggravated by the COVID-19 pandemic. The company has gained a group of new users in recent months
In February 2021, it had over 400,000 of them worldwide. The main shareholder – the strategic investor, FinTech Ventures listed on NewConnect – decided to financially support Spoko.app again. It invested PLN 20 million for international expansion.