TransferGo secures $10M in extra funding

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • TransferGo is expanding into a range of new markets across the world, including locations as diverse as Singapore, Ghana and New Zealand.
  • Investors Vostok Emerging Finance and Seventure led the financing moves, though some other firms participated in a follow-up round of investment.
  • “With a continued march towards a cashless society, our service is becoming more vital than ever,” said the firm’s chief executive officer.

Cross-border payments firm TransferGo has announced that it will expand into a series of new markets.

The firm, which was set up in 2012, will now move to 11 fresh markets altogether – and especially into markets in regions such as South East Asia that are considered remittance hotspots.

Singapore is on the list of new locations – others from further afield include New Zealand, Japan and Saudi Arabia.

In terms of Africa, Ghana is represented on the list of new transfer destinations.

This marks a different approach from the firm’s current position, which is heavily centred on Europe. 

The firm, which is based in London, also said that it had received a significant amount of additional funding.

It received $10m from a range of backers led by Vostok Emerging Finance and Seventure.

There was more funding coming from other firms on the investment scene: Bootstrap Europe, Hard Yaka and Revo Capital.

In a press interview, the firm’s chief executive officer and co-founder Daumantas Dvilinskas pointed out that the coronavirus pandemic had had consequences when it came to digital access to remittances.

“With footfall decreasing dramatically in high-street financial services companies, anyone looking to send money abroad to friends and family has become reliant on digital-first money transfer services,” he said.

“With a continued march towards a cashless society, our service is becoming more vital than ever, and we’re working diligently to support the evolving needs of both new and existing customers in these challenging circumstances.”

He also said that the firm had experienced a period of growth.

It is understood that the firm’s customer base is now larger than two million people.

“India, Turkey, Ukraine and Nigeria now among the fastest growing,” he said.

“This indicates that these markets are likely to leap the cash side, [just] like African markets made a leap to mobile, bypassing the PC,” he added.

Dvilinskas also said that in an interesting move, the firm had begun offering its application programming interface (API) as essentially a white-labelled product for other firms to use.

This means that other companies can pay TransferGo for the right to use the software but brand it as their own.

“We have built an API allowing third parties to leverage our rails for their customers,” he said.

TransferGo is aimed primarily at migrants who are working abroad but want to send money home to their loved ones.

Cash can now be sent to over 65 nations around the world using the service.

The total number of countries that money can be sent from is understood to be 33.

Do you want to stay in touch with all the latest goings-on in the remittances world? Head over to our magazine pages to learn more.


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