by Fintech News Singapore
April 11, 2024
TransferGo, an online money transfer platform operating in over 160 countries, recently announced it has raised US$10 million from Taiwania Capital, a Taiwanese venture capital firm.
This funding is part of TransferGo‘s strategy to expand its presence in the Asia-Pacific region and to enhance its range of products.
The company, which has seen its valuation double since a funding round in September 2021, reports a 50% increase in revenue and reached profitability in 2023.
These financial milestones come despite a trend of market contractions last year, during which TransferGo also grew its workforce by more than 30% and added global talent to its leadership team as well as onboarding 7 million clients.
Daumantas Dvilinskas
“The recent investment opens a new chapter for our company, enabling us to accelerate growth in Asia-Pacific by providing people with more opportunities for fairer financial services. Additionally, we will continue investing in broadening our product development and bringing more value to our customers worldwide.
The doubling of our company’s valuation, considering the problematic capital market conditions, validates our robust business model and positions us among the fastest-growing consumer finance service brands worldwide.”
says Daumantas Dvilinskas, TransferGo Co-Founder and CEO.
David Weng
David Weng, CEO at Taiwania Capital says,
“We are convinced by the company’s bold mission and clear business strategy.
TransferGo demonstrates an exceptional focus on providing added value for its clients and has a proven track record of expertise in creating favorable conditions for financial inclusivity.”
This article first appeared on Fintech News Baltic.
Featured image credit: Daumantas Dvilinskas, TransferGo Co-Founder and CEO