Money transfer Fintech firm TransferGo has acquired $50 million in capital in order to support its digital payments transformation efforts.
Focusing on enhancing global funds transfers, TransferGo‘s Series C investment round was reportedly led by Elbrus Capital Fund III and Black River Ventures. The fundraise has been finalized after the firm recorded 80% YoY growth and brings the total capital secured (to-date) to $77 million.
The funding round also included contributions from new investor Unlimint, as well as backing from existing investors Hard Yaka, VEF, SmartHub and Milano Investments.
As mentioned in the announcement, Royal Park Partners served as the exclusive financial and strategic advisor to TransferGo and its shareholders (for this deal).
The London-headquartered Fintech is focused on linking up its 3.5 million clients with 160 different markets. Established back in 2012, its client base consists mainly of migrant workers who regularly send funds back home to their family members. TransferGo notes that it aims to consistently offer fast and competitive global fund transfer services.
The Fintech firm has handled around 13.5 million global and domestic transfers, valued at more than $6 billion in total fund flows. The proceeds from the firm’s latest funding round will be channeled towards further expanding its client base, which should help more migrant workers with sending and receiving funds throughout Europe. The company also plans to further develop its products in order to support its goal to expand operations considerably in the coming years.
Daumantas Dvilinskas, Founder and CEO at TransferGo, stated:
“At TransferGo, we believe that everyone has the right to move money quickly, securely and cheaply. Despite a challenging economic environment for migrant workers, we have seen prolific, sustained growth during the pandemic. Since its 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.”
Dvilinskas added:
“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.”
Alexander Savin, Senior Partner at Elbrus Capital Funds, remarked:
“TransferGo’s growth over the past few years is testament to its focus of putting its customers first. When money transfer stores on the high street were closed due to lockdown, TransferGo’s technology proved vital – helping migrants across the world continue to send money. The demand for online money transfers remains high and we’re delighted to be part of TransferGo’s journey to supporting its customers.”