UK fintech TransferGo raises €43.1M to help more migrants send and receive money across Europe

London-based fintech startup TransferGo, a digital international money transfer platform for migrants and businesses, announced that it has raised $50M (approx €43.12M) in its Series C round of funding.

The development follows the company’s 80 per cent year-on-year growth since its launch in 2012. TransferGo raised approx €9M in June 2020 and with the current round, it has raised a total of $77M in funding to date.

Series C investors

The current round was led by Elbrus Capital Fund III and Black River Ventures.

Speaking on the development, Alexander Savin, Senior Partner of Elbrus Capital Funds explains, “TransferGo’s growth over the past few years is testament to its focus on 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.”

The round also saw participation from new investor Unlimint as well as existing investors Hard Yaka, VEF, SmartHub, and Milano Investments.

How will funds be utilised?

The company says it will use the funds to expand its customer base, help more migrants send and receive money across Europe, and develop its product offering in support to grow 5X in the coming three to four years.

According to TransferGo, it connects 3.5 million customers across 160 markets and has already processed 13.5 million international and local transactions, which amounts to over $6B in money flow. 

TransferGo’s founder & CEO, Daumantas Dvilinskas says, “Despite a challenging economic environment for migrant workers, TransferGo has 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.”

International money transfer services

Founded by Arnas Lukosevicius, Daumantas Dvilinskas, Edvinas Sersniovas, and Justinas Lasevicius in 2012, TransferGo believes that everyone has the right to move money quickly, securely, and cheaply.

The company claims, its focus on delivering fast, reliable remittances has led it to become the only Pan-European money transfer company that can guarantee an individual’s money will reach its destination in 30 minutes.

Serving both personal and commercial bank transfers on a digital account-to-account model, TransferGo claims that it offers high-quality money transfers with speed, ease, and excellent value. Talking about the security concern, TransferGo is a licensed and authorised payment institution regulated by the FCA (Financial Conduct Authority) and supervised by HMRC (Her Majesty’s Revenue and Customs) in England.

Currently, the fintech brand serves 22 currencies across 47 countries, with offices across Europe, including London, Vilnius, Berlin, Istanbul, and Warsaw. The company has a team of 240 people.