TransferGo nets $10m Series B to expand internationally


Money transfer company TransferGo has raised $10m in Series B funding to expand across the globe.

The company, based in London, has raised $20.6m to date.

Daumantas Dvilinskas, the CEO of TransferGo,said: “European FinTech startup ecosystem is really dynamic and has a lot of growth potential.

“The last quarter for our team have been very special. We doubled monthly acquisition and exceeded a £1bn transferred using our service, growing 100% year-on-year new investments will be used to fuel expansion, as well as enable us to expand the range of services we offer.”

“Based on the performance of the last six months, we forecast up to 150% next year for company growth. This year alone the number of transactions carried out by TransferGo should reach 2-3 million. Moreover it is also important that we use the attracted investments really efficiently – according to the efficiency of the capitalisation, our closest competitors are quenched two to three times,” added Dvilinskas.

“TransferGo has been a true disruptor in the European remittance market, and has been showing immense growth in every corridor they have launched to date. We are proud to become a part of this story and help this great team launch Turkey as a gateway market between Europe, MENA and APAC. With near-real-time payouts and an impending wave of exciting fintech announcements, we believe Transfergo will truly change cross-border payments in our region,” said Berkin Toktas, a partner at Revo Capital.

Currently, TransferGo claims to have about 600,000 clients all over the world.

Over the past two years, the firm has become more established in the UK, Poland, Germany and Scandinavian markets. It’s also extended its services to Ukraine, Russia and Asian countries, and partnered with Ripple.

Today’s news comes after TransferGo announced the closure of a Series A in 2016, raising from Vostok Emerging Finance (VEF).