TransferGo Raises $10M to Expand Remittance Business in Asia, Doubling Valuation

TransferGo, a U.K.-based fintech known for its consumer platform facilitating global remittances, has secured a $10 million growth funding round from Taiwan-based investor Taiwania Capital. This investment aims to fuel TransferGo’s expansion in the Asia-Pacific region. The company’s previous funding round was a $50 million Series C raised in 2021.

While TransferGo claims that its growth, combined with the new investment, has doubled its valuation, specific figures were not disclosed. Daumantas Dvilinskas, co-founder and CEO of TransferGo, emphasized the company’s profitability over the past year and its limited need for external capital. However, the decision to raise funds was driven by the opportunity to accelerate expansion in the Asia-Pacific market.

Dvilinskas attributes TransferGo’s growth to its relentless focus on enhancing the consumer experience. The company’s emphasis on instant settlement, with 90% of transactions settled instantly and available 24/7, has resonated well with consumers. Despite facing challenges such as a €310,000 fine from the Bank of Lithuania for anti-money laundering failings, TransferGo remains committed to compliance and regulatory adherence.

In the competitive landscape, TransferGo primarily competes with established players like Western Union, while also contending with newer entrants such as Remitly and Wise. The company’s differentiation lies in its consumer-centric approach and commitment to delivering seamless remittance services globally.