This latest fundraise follows consistent 80% year-on-year growth for the fintech company since its launch, and brings the total raised to-date for TransferGo to $77 million.
The round also includes funding from new investor Unlimint, and continued backing from existing investors that includes Hard Yaka, VEF, SmartHub and Milano Investments. Royal Park Partners acted as the exclusive financial and strategic advisor to TransferGo and its shareholders throughout the transaction.
The funds will be used to expand TransferGo’s client base and develop the company’s range of products in order to support the fivefold business growth in the next four years.
“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. 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”, said Daumantas Dvilinskas, founder and CEO of TransferGo.
Throughout the transaction, both TransferGo and its shareholders were advised by Royal Park Partners.
The London-based money transfer fintech connects 3.5 million customers across 160 markets. Founded in 2012, its customer base is predominantly made up of migrants who send money home to their families as it positions itself as offering one of the fastest international money transfer services on the market.
The fintech has processed a massive 13.5 million international and local transactions, amounting to over $6 billion in money flow. The current funding will be used to help expand the startup’s customer base, helping more migrants send and receive money across Europe, and develop its product offering in support of its ambitious goal to grow 5x in the next three-four years.