- TransferGo, a UK-based fintech firm specialising in global remittance services, has secured a $10 million growth funding round from Taiwania Capital, marking a strategic move to expand its presence in the Asia-Pacific market.
- TransferGo’s recent investment, combined with its ongoing growth, has effectively doubled its valuation, which was between $200 million-300 million last year.
- TransferGo’s CEO, Daumantas Dvilinskas, emphasises the company’s profitability and self-sustainability. Furthermore, the company attributes its success to its consumer-centric approach.
TransferGo, a fintech company headquartered in the UK focused on global remittance services for consumers, has secured a $10 million growth funding round from Taiwania Capital, a Taiwan-based investor.
TransferGo eyes Asia-Pacific expansion
The investment aims to fuel the company’s expansion efforts in the Asia-Pacific region. Previously, TransferGo raised $50 million in a Series C funding round in 2021.
TransferGo asserts that the recent investment, combined with its growth, has doubled its valuation, which stood at $200 million-300 million in 2021.
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TransferGo CEO highlights growth strategy
TransferGo’s CEO Daumantas Dvilinskas stated: “We have been profitable for the last year in and out, and the only burn was marketing, but the burn was very limited. We achieved sustainability of the business and became profitable and we still have proceeds from the last funding round. So we are profitable. We don’t need external capital to grow.”
Acknowledging the opportunity to accelerate growth in the Asia Pacific region, he further noted “We raised money because we wanted to expand faster in Asia Pacific. So that’s the next frontier for us, We are still taking customers from incumbents: 75% come from cash, banks, and Western Union — that’s still the gorilla in the room.”
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Dvilinskas attributes TransferGo’s growth to its focus on enhancing the consumer experience. TransferGo has always prioritised consumer satisfaction and has consistently outperformed others in terms of customer reviews.
The firm underwent an inspection last year and identified some procedural gaps. TransferGo is pleased to comply with regulatory requirements and has resolved the procedural issues.
