The funding will be used to help TransferGo expand its customer base and product offering.
International money transfers didn’t slow down when international travel slowed down and TransferGo’s latest funding round is a testament to that.
The international remittances fintech has bagged itself a $50m Series C, taking the total raised to date to $77m.
TransferGo’s latest funding effort was led by Elbrus Capital Fund III and Black River Ventures and saw participation from new investor Unlimint and existing backers Hard Yaka, VEF, SmartHub and Milano Investments.
“Despite a challenging economic environment for migrant workers, TransferGo has seen prolific, sustained growth during the pandemic,” Daumantas Dvilinskas, CEO and founder of TransferGo said.
“Since its 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 fresh cash, TransferGo plans to fund its growth across Europe and continue to build out its product offering.
“TransferGo’s growth over the past few years is testament to its focus of putting its customers first,” Alexander Savin, senior partner of Elbrus Capital Funds, added.
“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.”
Since its launch, TransferGo has experienced consistent 80 per cent year-on-year growth and now counts 3.5 million people across 160 countries as customers and has processed over 13.5m transactions.