- TransferGo has concluded a Series B funding round with an additional USD $10m
- “Very special” last quarter in which they doubled monthly acquisition and broke the £1bn mark in money transfers
London-headquartered international money transfers company TransferGo has concluded a Series B funding round that left it with an additional USD $10m in its coffers.
The latest round brings the total the remittance firm has raised to date to a princely USD $20.6m – not bad for a startup that was launched just a few years ago in 2012.
Outlining the company’s plans in the aftermath of the new funding, TransferGo’s CEO Daumantas Dvilinskas explained that he viewed the European fintech startup ecosystem as highly dynamic and charged with a great deal of growth potential.
His team, he added, had been through a “very special” last quarter in which they doubled monthly acquisition and broke the £1bn mark in money transfers made using the company’s platform. Having already grown 100% in a single year, he said the company will use the new investment to fuel its continued expansion. The money will also be ploughed into developing additional services for TransferGo to offer customers.
Using the firm’s performance over the last six months as a baseline, Dvilinskas and his team are confidently forecasting company growth of 150% over the coming year. In 2018 alone, he explained, TransferGo is already on course to facilitate two to three million money transfers.
He emphasised the importance of using the investments the company has attracted with the utmost efficiency.
Commenting on the latest funding, one of the three investors who led the round, Berkin Toktas, Partner at Revo Capital, said: “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.”
Internationally, TransferGo boasts around 600,000 clients across the world – a figure that is steadily climbing as the company attracts in the region of 1,000 new clients every day.
This dynamic cross-border payments startup has become more established in Britain, Germany, Poland and the Scandinavian markets over the last two years. It also extended its services to Russia, the Ukraine and a number of Asian countries.
After a recent cooperation with cryptocurrency cross-border payments platform Ripple, TransferGo recently announced that its customers will shortly be able to buy or sell a raft of digital coins, including Bitcoin, Bitcoin Cash, Litecoin, XRP and Ether. This appears to be another shrewd move – Dvilinskas says that the decision to offer this new service arose following requests from users for ways to buy digital assets. Within hours of the announcement, 4,000 people re-registered for the new cryptocurrency service.
The firm, whose founders hail from Lithuania, currently has a team consisting of nearly 100 fintech specialists, a resource that the company expects to expand appreciably in the near future. It now has offices in London, Berlin, and Warsaw and has this year opened new premises in Vilnius, the capital of Lithuania.
As matters stand, TransferGo offers services in 22 currencies to 47 countries. It seems pretty clear that both numbers are set to increase soon.
