Money transfer FinTech TransferGo has secured £37 million in a Series C funding round.
The latest fundraise, led by Elbrus Capital Fund III and Black River Ventures, follows consistent 80% year-on-year growth for the FinTech company since its launch.
The round also includes funding from new investor Unlimint, and continued backing from existing investors that includes Hard Yaka, VEF, SmartHub and Milano Investments.
TransferGo connects 3.5m customers across 160 markets. It has processed a massive 13.5m international and local transactions, amounting to over $6bn in money flow.
The funding will be used to help expand TransferGo’s customer base, helping more migrants send and receive money across Europe, and develop its product offering in support of its ambitious goal to grow 5x in the next 3-4 years.
Daumantas Dvilinskas, founder and CEO of TransferGo said: “At TransferGo, we believe that everyone has the right to move money quickly, securely and cheaply.
“Despite a challenging economic environment for migrant workers, TransferGo has seen prolific, sustained growth during the pandemic. Since 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 additional funding, our next chapter of growth will see us in an even stronger position to keep innovating and developing our product offering, for hardworking migrants all across Europe.”
Alexander Savin, senior partner of Elbrus Capital Funds, commented: “TransferGo’s growth over the past few years is testament to its focus of putting its customers first.
“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.
“The demand for online money transfers remains high and we’re delighted to be part of TransferGo’s journey to supporting its customers.”