- TransferGo, a UK-based fintech specializing in global remittances, secures a £10 million growth funding round from Taiwania Capital to expand in the Asia-Pacific region.
- Despite being profitable, TransferGo sees the opportunity to accelerate growth in Asia and doubles its valuation with the new investment.
- The company’s CEO emphasizes their consumer-centric approach and commitment to enhancing the customer experience, attributing their success to these factors.
UK-based fintech TransferGo raises £10 million from Taiwania Capital to fuel Asia-Pacific expansion, doubling its valuation, as CEO highlights consumer focus driving company’s profitability and growth.
Expansion in Asia-Pacific: TransferGo secures £10 million funding for growth
TransferGo, the UK-based fintech renowned as a consumer platform for global remittances, has secured a £10 million growth funding round from Taiwan-based investor Taiwania Capital to fuel its expansion in the Asia-Pacific region. The company’s last funding round was a £50 million Series C in 2021.
Also read: UK fintech TransferGo secures $10M investment, eyeing expansion
With this new investment, TransferGo states that its valuation has doubled. In September 2021, Dealroom estimated its value at £200 million-£300 million, although TransferGo chose not to disclose specific figures.
Consumer-Centric success: CEO attributes growth to enhanced customer experience
Daumantas Dvilinskas, co-founder and CEO of TransferGo, mentioned to TechCrunch: “We have been consistently profitable over the past year, with marketing being our only expenditure, which was minimal. We have achieved business sustainability, profitability, and still have funds from the previous round. Therefore, we are self-sufficient and do not require external funding for growth.”
Despite being profitable, Dvilinskas recognized the opportunity to secure funding from Asia to accelerate expansion in the region. He explained, “We sought funding to expedite our growth in the Asia Pacific region, which is our next target market. We continue to attract customers from traditional players, with 75% coming from cash, banks, and Western Union, which remains a significant competitor.”
He attributed TransferGo’s growth to its unwavering focus on enhancing the consumer experience. “We have always prioritized consumer satisfaction, making us one of the most consumer-centric companies in the industry,” he stated. “This is reflected in our positive customer reviews, which surpass those of our competitors. Our product is tailored to meet consumer needs, such as instant settlement available 24/7, a feature that customers appreciate. Implementing such features is challenging and time-consuming, requiring solutions to existing technological hurdles.”
Regulatory challenges and competition: Navigating AML fines and market competition
However, TransferGo faced challenges when it received a €310,000 fine from the Bank of Lithuania for anti-money laundering (AML) violations last year. Dvilinskas reassured, “Following an inspection, we identified and rectified procedural gaps by the year’s end. Regulatory standards are becoming stricter, but we are pleased to have addressed the issues, receiving positive feedback from regulators post-resolution.”
While TransferGo primarily competes with industry leader Western Union, it also faces competition from newer players like Remitly and Wise.
