TransferGo, a UK-based fintech company, has secured $10 million in growth funding from Taiwan-based investor Taiwania Capital. The funding aims to support the company’s expansion into the Asia-Pacific region. The company had previously raised $50 million in a Series C funding round in 2021, doubling its valuation to approximately $600 million from its previous valuation of $200-300 million by Dealroom in September 2021.
Despite being profitable for the past year, Daumantas Dvilinskas, Co-Founder and CEO of TransferGo, saw an opportunity to raise funding from Asia to accelerate the company’s expansion into the Asia Pacific region. He referred to this region as the next frontier for TransferGo. The company attributes its growth to its focus on providing a seamless consumer experience. Dvilinskas highlighted the company’s consumer-centric approach and innovative product offerings like instant settlement and 24/7 availability, which have been well received by customers.
TransferGo competes with industry giants like Western Union and newer players like Remitly and Wise in the competitive landscape. Despite facing regulatory challenges like a €310,000 fine from the Bank of Lithuania for AML failings, TransferGo managed to address these issues and received positive feedback from regulators. With plans for further growth and expansion in the Asia Pacific region, TransferGo positions itself as a strong player in the remittances market.
