International money transfer service TransferGo has raised $3.4m in Series A funding from Vostok Emerging Finance (VEF).
TransferGo is an international money transfer company focusing on the migrant workers, and has been one of the fastest growing companies in the industry since 2013, saving its customers up to 90 per cent on their transfer costs. TransferGo is based in Canary Wharf Group’s Level39, Europe’s largest technology accelerator space for fintech companies. Transfergo focuses on serving migrant communities from central and eastern Europe, but customers can send money to and from over 45 countries in Europe and beyond at the most competitive prices with close to real-time delivery.
VEF management are strong believers in the effect that fintech can have on emerging economies, allowing them to leapfrog their financial systems into the modern era. VEF looks to take minority stakes and board representation and have a long term investment mandate.
TransferGo’s CEO and co-founder Daumantas Dvilinskas said:
“We are excited to invite VEF to join our business as an investor. VEF’s fintech focus and long-term approach in building great lasting financial institutions is an exact match with the business philosophy here at TransferGo. Therefore, we believe that this collaboration is an important step for TransferGo en route to becoming a global fintech brand.”
Dave Nangle, managing director of VEF, commented on the investment:
“Global money transfer and its disruption is one of the clearest fintech themes we have been looking to invest in since VEF was founded. We have been waiting patiently for our entry point and are very excited to announce our investment into TransferGo today, one of the industry’s fastest growth players. The team has an excellent track record of focus and delivery in the valuable and growing European corridors by delivering a better, quicker, cheaper product than key peers.”
The previous seed round led to the successful launch of the TransferGo iOS app in under 5 months. With the latest investment, the company is ready to expand its accessibility to Android users, ensuring a smooth user experience with one-click transfers. Moreover, the company is looking into accelerating its international expansion. The new investment will be used for further product development to deliver even better international money transfer products in the market. The business currently has over 40 banking partnerships and 160k+ customers, who send over $17 million monthly and growing fast. The new investment and expertise will help the company fulfil its aims of expanding its horizons and helping to save money for more migrants around the world.