TransferGo raises $50m in Series C funding round

By Joy Dumasia

TransferGo, one of the world’s fastest-growing money transfer companies, has announced that it has secured $50m in a Series C funding round. This latest fundraise, led by Elbrus Capital Fund III and Black River Ventures, follows consistent 80% year-on-year growth for the FinTech company since its launch and brings the total raised to date for TransferGo to $77m.

The round also includes funding from new investor Unlimint and continued backing from existing investors: Hard Yaka, VEF, SmartHub and Milano Investments. Royal Park Partners acted as the exclusive financial and strategic advisor to TransferGo and its shareholders throughout the transaction.

TransferGo connects 3.5 million customers across 160 markets. It has processed a massive 13.5 million international and local transactions, amounting to over $6 billion in money flow. The funding will be used to help expand TransferGo’s customer base, helping more migrants send and receive money across Europe, and develop its product offering in support of its ambitious goal to grow 5x in the next 3-4 years.

Daumantas Dvilinskas, founder and CEO of TransferGo, said: “At TransferGo, we believe that everyone has the right to move money quickly, securely and cheaply. Despite a challenging economic environment for migrant workers, TransferGo has seen prolific, sustained growth during the pandemic. Since launch in 2012, we’ve grown the company from an acorn of an idea to a workforce of over 200 people based all around the world. With the additional funding, our next chapter of growth will see us in an even stronger position to keep innovating and developing our product offering for hardworking migrants all across Europe.”

IBS Intelligence reported that Money transfer company TransferGo had announced a partnership with core banking technology company Thought Machine to boost its expansion into new markets. The collaboration will enable the money transfer company to leverage Thought Machine’s core banking platform, Vault, to enhance its customer experience with advanced platform capabilities.