TransferGo

TransferGo is an international service that allows you to make money transfers around the world.

History

2021: Raising $50 million

In mid-October 2021, TransferGo received $50 million during the Series C financing round, as a result of which the total amount of funds raised by the service amounted to $77 million.

The funding round was led by the Russian fund Elbrus Capital Fund III and Black River Ventures, which was joined by the new investor Unlimint and existing investors, including Hard Yaka, VEF, SmartHub and Milano Investments.

The company said the funds will be used to expand the customer base, mainly attracting migrants who want to send and receive money throughout Europe. The company also has plans to develop new proposals that will achieve the goal - growth by 5 times over the next three to four years.

TransferGo attracted $50 million in investments

According to TransferGo, by October 2021, the company has 200 employees, offices are located in London, Vilnius, Kaunas, Berlin, Istanbul and Warsaw.

The company's user base is 3.5 million people in 160 markets. TransferGo processed transactions totaling $6 billion

TransferGo believes that everyone has the right to transfer money quickly, safely and cheaply. Despite the difficult economic conditions for migrant workers, during the pandemic we saw significant and steady growth, "said the founder and CEO of TransferGo Daumantas Dvilinskas. - Thanks to additional funding, our next stage of development will make us even stronger in order to continue to innovate and develop our products for hardworking migrants throughout Europe.

TransferGo is actively engaged in the development of the possibility of making money transfers from Europe to Russia and the CIS countries. Service customers from 35 countries can send money to the Russian Federation in 10 currencies. Compared to 2020, in 2021, the volume of money transfers increased by 114%, and the number of new users increased by 103%.^[1]

£ 2020:4 million investment from Silicon Valley Bank

TransferGo received 4 million pounds from the Silicon Valley Bank for the development of instant transfers. This became known on November 24, 2020.

This will allow the company to continue to develop and expand its instant money transfer platform for ordinary consumers, small and medium enterprises and corporate customers.

More than 35 years of experience of SVB partnership with innovators, as well as financial expertise - will allow TransferGo to continue the accelerated program of transformation in the field of digital payments. Given that remittances are the foundation of financial integration even in the midst of a pandemic, the partnership speaks to the intention of TransferGo and SVB to serve millions of migrants who want to send money home quickly, safely and inexpensively.

Despite the volatility of the market throughout the year, TransferGo continues to challenge forecasts, seeing an increase in international payments through its corridors by more than 117% over the last fiscal year. Funding will focus on instant payments and the local-in, local-out model, which helps 2.5 million customers around the world send money across borders in seconds.

We are very pleased to expand our partnership with TransferGo, as we look forward to becoming part of their growth history, because the company is expanding its innovation cycle to attract more customers to a faster, cheaper and more affordable way to send money around the world, "says Craig Fox, Director of Silicon Valley Bank.

{{quote 'This will be the beginning of long-term cooperation with the Silicon Valley Bank, which has many years of experience in supporting startups and mentoring in the field of innovation, "commented Daumantas Dvilinskas, CEO and co-founder of the TransferGo. - This is the ideal partner to accompany us during the pandemic and the next stage of our business growth. }}

The platform has 2.5 million users in November 2020, and in June the company attracted an additional investment of $10 million, which will allow the business to expand its presence on the world stage and continue to launch services on its international payment platform. Also, TransferGo recently announced the beginning of cooperation with Visa, thanks to which it will be possible to transfer money to cards around the world.

2018

The volume of remittances TransferGo increased by 2 times

On January 29, 2019, the company TransferGo announced that the volume of money transfers increased 2 times in 2018.

As it was reported, the 2018th became for the TransferGo company year of growth. The number of customers has grown to 900 thousand, and every day 1000 people use the service for the first time.

The company was founded in 2012, and over the entire period of its existence, TransferGo customers collectively made more than 3 million transactions. The number of Russians transferring money to their homeland from abroad increased every quarter of 2018. The largest growth was recorded in October, November and December 2018 - by 90% compared to the third quarter. Among the leading countries in transferring funds to Russia: Germany, Poland, Great Britain and the Baltic states, the average check is about 300 euros. It is noteworthy that Russians prefer the mobile application TransferGo: 60% of all transfers to Russia are made using a phone. In general, company customers more often transfer money through the website.

In 2018, we conducted surveys and found out that Russians prefer to receive transfers instantly, even if they have to pay a little extra for this. So far, money arrives in Russia within one working day, but in 2019 we want to make immediate transfers available so that the money reaches the recipient within 30 minutes. Mikhail Hovsepyan, Director of Business Development TransferGo in Russia

Closure of the Series B funding round

On December 19, 2018, TransferGo announced the closure of a $17.5 million Series B funding round led by Vostok Emerging Finance and Hard Yaka of Silicon Valley with the participation of Revo Capital, U-Start Club and Practice Capital.

The round was held in two stages, the first capital injection was carried out in May 2018, a total of $17.5 million was raised. In addition, TransferGo conducted a crowdfunding campaign supported by the Seedrs platform.

In October 2018, TransferGo launched a free international money transfer service without transaction fees and markups on exchange rates, allowing customers to transfer money around the world for absolutely free. Thanks to patented technology and infrastructure, international Internet money transfers are carried out within 30 minutes, regardless of where the sender's or recipient's bank is located.

TransferGo has a fast-growing customer base of 833,000 users as of December 2018, with an influx of more than 1,000 customers per day. The company operates in 47 countries, with offices in London, Vilnius, Berlin, Warsaw and Istanbul.

Free money transfers to Russia became available in September 2018, and in two months the number of customers and transactions increased by 2 times. As of December 2018, 25% of all transfers to Russia come from Germany, since the largest diaspora of immigrants from the former CIS lives there, cash flow to Russia from September to November increased by 42%. 50% of service users prefer paid and accordingly faster options for delivering funds.

The company is rapidly expanding, in 2017 we grew by 100% in almost all indicators, we plan to develop further. We will use the received financing for international expansion and increasing market share, for us this is a priority area, as well as continue to develop emerging products and services for our customers.

Free remittances to 47 countries

On October 9, 2018, TransferGo announced the launch of free money transfers to 47 countries.

In a global society, people should be able to make money transfers to friends and family members living abroad, absolutely free of charge. Our journey began out of a desire to solve the most important problem in the money transfer market. We completely remove the fees that are now present in absolutely all companies, because we believe that the future is to abandon complex commission schemes.

TransferGo began to offer free services due to the success of the service, which allows customers to make instant money transfers for a minimum commission on the market. Users began to send money more often, especially small amounts, as now they are not afraid of huge fees. According to the team, thanks to TransferGo, customers saved $30 million on bank commissions.

The company built its brand based on the principles of user-friendly, transparency and social utility. As of October 2018, more than a million people around the world use the money transfer service. Among other products of the TransferGo are instant transfers to blockchain in cooperation with Ripple, as well as a platform for trading cryptocurrencies.

The team plans to increase the number of users TransferGo from 700,000 to 100 million people. On October 12, 2018, TransferGo will launch a crowdfunding campaign at the Seedrs site as part of Series B.

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