TransferGo sees global remittance flows reach all-time high of £3 billion
By Sunniva Kolostyak
Money transfer FinTech TransferGo has hit two milestones in total transactions and cross-border payment flows, recording over £3 billion in international money flows and over 10 million customer transactions.
According to TransferGo, this defies the sharp decline in remittances predicted for the pandemic by the World Bank in April 2020 – and highlights both resilience and the importance of digital flows during a turbulent year.
According to Daumantas Dvilinskas, CEO and Co-Founder of TransferGo, the migrant community continues to rely upon instant and affordable cross-border payments with registered customers on the platform increasing to 2.5 million.
“Today’s milestones are in honour of our fantastic employees and their endeavours to put our customers’ needs at the heart of everything we do. We have always championed fast, cost-effective and simple money transfers and despite the challenges of the last year, our programme of innovation and expansion has paid dividends in accomplishing what matters most – keeping the migrant community in touch with friends and family back home,” Dvilinskas said.
The global demand for real-time transfer services has allowed TransferGo to unlock 95 new markets this year through key industry partnerships with Mastercard and Visa. By integrating with Mastercard Send™ and Visa’s real-time push payments platform, Visa Direct, TransferGo has empowered new customers in countries like Nigeria, Moldova, Georgia, Ghana, Saudi Arabia and Vietnam to send payments directly to a card without having to navigate online banking or find the International Banking Account Number.
Moreover, by working with payment services company Birleşik Ödeme, TransferGo is also available to consumers in Turkey.
The record numbers were announced following a financing round from Silicon Valley Bank in November last year. The £4 million in funding will allow TransferGo to power instant money transfers and pursue an accelerated programme of digital payments transformation, specifically focused on boosting the real-time payments service and its local-in and local-out model.
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