This latest fundraise, led by Elbrus Capital Fund III and Black River Ventures, follows consistent 80% year-on-year growth for the Fintech company since its 2012 launch, and brings the total raised to-date for TransferGo to $77 million.
This round also includes funding from new investor Unlimint, and continued backing from existing investors, which include Hard Yaka, VEF, and Milano Investments.
Royal Park Partners, meanwhile, acted as exclusive financial and strategic advisor to TransferGo and its shareholders throughout the transaction.
The lastest funding will be used to help expand TransferGo’s customer base, helping more migrants to send and receive money across Europe, and develop its product offering in support of its goal to grow 5x over the next 3-4 years.
The Fintech, which currently connects 3.5 million customers across 160 markets, has processed 13.5 million in international and local transactions, amounting to over $6 billion in money flow.
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“At TransferGo, we believe that everyone has the right to move money quickly, securely and cheaply,” said Daumantas Dvilinskas, founder and CEO of TransferGo.
“Despite a challenging economic environment for migrant workers, TransferGo has seen prolific, sustained growth during the pandemic. Since 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.”
Alexander Savin, senior partner of Elbrus Capital Funds, commented: “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.”
TransferGo appointed a new chief technology officer in Edgardo Savoy, back in July.