TransferTo to exceed $2bn in gross sales value


Andrea Barnes
Andrea is Communications Manager at FXcompared. Prior to joining FXcompared, she worked as a communications consultant for companies seeking guidance with their social media, marketing and digital… Read more
  • TransferTo hit $800m in the first half of 2018
  • New partnerships are fuelling growth
  • The company’s Chief Customer Officer tells the media that TransferTo is pleased with its growth

Cross-border mobile payments brand TransferTo has outdone itself by hitting $800m in the first half of 2018 and it will likely exceed $2bn in its gross sales value by December, according to the company.

Due to the rapid growth of the service, TransferTo is experiencing one of its most significant periods of expansion since its launch. The company’s international money transfer service was launched in the latter part of 2016, and it is authorised by the Financial Conduct Authority in the United Kingdom under the FCA’s Payment Services Regulations.

The service is currently available in over 70 countries and in more than 100 currencies.

During the same period the year before, the fintech firm only booked $310m. TransferTo’s rapid growth is fuelled by a number of partnerships it has entered into in the past few years. This includes its partnership with Zimbabwe’s EcoCash and Botswana’s Orange Money.

The brand also has partnership agreements with Safaricom and PayPal to address the need for digital money transfer services in Kenya. In 2017, the brand also announced its plans to expand in Southeast Asia through a partnership with ride-sharing company Grab.

Executive Vice President Aik-Boon Tan told reporters that TransferTo is very pleased with the company’s growth. Tan noted that it has exceeded forecasts despite strong competition. Tan is hopeful that the growth will maintain its momentum throughout the year.

According to experts, if the current growth in international money transfers continues, the company will be able to surpass the $2bn mark.

To get the latest news about fintech companies around the world, check this link regularly.​​​​​

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