TransferGo raises $10M additional funding, launches in 11 new markets

TransferGo, the London-based international money transfer service, has raised another $10 million in funding, as it discloses that its customer numbers have surpassed two million, according to techcrunch.com.

The startup is also announcing it has launched in 11 new markets, including Japan, New Zealand, Saudi Arabia, Singapore and Ghana. That’s a doubling down on South East Asia and African market expansion, beyond its original focus on Europe.

Founded in 2012, TransferGo’s  customer base is predominantly made up of migrants who send money home to their families. It positions itself as offering one of the fastest international money transfer services on the market. This sees it able to provide international “cross-network” transfers, claiming to be the only Pan-European money transfer company that can guarantee your money will reach its destination in 30 minutes.

Countries where money can be sent now top more than 65, while you can send money from 33 countries, at the last count.

Since launching, TransferGo says it has facilitated more than seven million transactions, with the number of remittances made daily increasing significantly since the coronavirus crisis and many countries went into lockdown earlier this year.

TransferGo CEO and co-founder Daumantas Dvilinskas says that TransferGo has grown 30% over the lockdown period, with “significant uptake” in organic growth, signifying what he frames as accelerated digitisation in emerging markets. “India, Turkey, Ukraine and Nigeria now among the fastest growing,” he says. “This indicates that these markets are likely to leap the cash side, [just] like African markets made a leap to mobile, bypassing the PC.”

“With footfall decreasing dramatically in high-street financial services companies, anyone looking to send money abroad to friends and family has become reliant on digital-first money transfer services.”, adds Dvilinskas.