Transfergo raises $10m, expands into 11 new markets
International money transfer firm TransferGo has secured $10 million in investment, and added 11 new markets to its platform.
The latest round was led by Seventure and Vostok Emerging Finance, and featured Hard Yaka, Revo Capital and Bootstrap Europe.
It brings the total raised by the UK-based remittances firm to just over $65 million. The firm’s last round was a Series B in May 2019 to the tune of £2.6 million.
The new markets include Japan, New Zealand, Saudi Arabia, Singapore and Ghana, signalling a hefty investment into South East Asia and Africa.
TransferGo offers a service that transfers funds to local bank accounts before sending it to an international recipient, something it claims avoids cross-border fees and keeps costs low.
It inked a January partnership with Currencycloud to pave the way for its breaking into new countries.
CEO and co-founder, Daumantas Dvilinskas, tells TechCrunch that his firm had experienced a 30% growth in lockdown and experienced “significant uptake” in organic growth.
Dvilinskas says his firm’s most successful and fastest growing markets have proven to be India, Turkey, Ukraine and Nigeria.