Money transfer startup TransferGo raised $50 million in a Series C funding round led by Elbrus Capital Fund III and Black River Ventures, according to reports on Thursday (Sept. 30).
Participation in the round also included new investor Unlimint, with continued support from Hard Yaka, VEF, SmartHub and Milano Investments.
Launched in 2012 in London, TransferGo has a customer base of 3.5 million people, largely comprised of immigrants sending money home to families. The FinTech connects those customers across 160 markets and has processed 13.5 million international and local transactions totaling $6 billion.
The fresh infusion of capital will be used to expand TransferGo’s user base, help the company meet its goal of five times growth by 2024-25, and position itself as being among the fastest ways to send and receive money worldwide.
Daumantas Dvilinskas, founder and CEO of TransferGo, told UKTech that the spirit of the company is steeped in the belief that money transfers should be fast, safe and affordable for all.
“Despite a challenging economic environment for migrant workers, we have seen prolific, sustained growth during the pandemic,” he said, adding that the company has grown “from an acorn of an idea” to employing more than 200 people worldwide. “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,” he told the news outlet.
The startup has posted 80% year-on-year growth and has so far raised $77 million. The company even surpassed the World Bank’s remittance predictions, according to reports.
Alexander Savin, senior partner of Elbrus Capital Funds, said the growth of TransferGo has shown it’s a company that puts its customers ahead of everything, and that its technology was there to serve people when high street was locked down. “TransferGo’s technology proved vital – helping migrants across the world continue to send money,” he added.