International money transfer service, TransferGo, has raised an additional $10 million and launches in eleven markets including Ghana, Japan, New Zealand, Saudi Arabia, Singapore.
The funding round was co-led by Seventure, and Vostok Emerging finance, Hard Yaka, Revo Capital and Bootstrap Europe
This sees the London-based company expanding in Africa and Asia, outside Europe. TransferGo disclosed that it now has over 2 million customers globally and it has facilitated over seven million transactions since it commenced business in 2012
According to TransferGo CEO and co-founder Daumantas Dvilinskas in a discussion with Techcrunch: “With footfall decreasing dramatically in high-street financial services companies, anyone looking to send money abroad to friends and family has become reliant on digital-first money transfer services. With a continued march towards a cashless society, our service is becoming more vital than ever, and we’re working diligently to support the evolving needs of both new and existing customers in these challenging circumstances”.
He also adds that, TransferGo has grown 30% over the lockdown period, with “significant uptake” in organic growth, signifying accelerated digitisation in emerging markets. “India, Turkey, Ukraine and Nigeria now among the fastest growing.” “This indicates that these markets are likely to leap the cash side, [just] like African markets made a leap to mobile, bypassing the PC”.
You can currently send money to 67 countries on the TransferGo platform.
