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TransferGo

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TransferGo
Company typePrivate
IndustryFintech
Founded2012 Edit this on Wikidata
FounderDaumantas Dvilinskas, Justinas Lasevicius, Arnas Lukošius, and Edvinas Sersniovas
HeadquartersVilnius, Lithunia
Area served
London, Vilnius, Kaunas, Warsaw, and Kraków
Revenue25,583,454 Euro (2021) Edit this on Wikidata
Number of employees
350
Websitehttps://www.transfergo.com/

TransferGo is an international online money transfer service that provides direct currency conversion at a fixed rate. Founded in 2012, Transfergo is headquartered in Vilnius, Lithuania, with additional offices in London, Kaunas, Warsaw, and Kraków.[1][2]

History

[edit]

In 2012, TransferGo was founded by Daumantas Dvilinskas, Justinas Lasevicius, Arnas Lukošius, and Edvinas Sersniovas to allow migrants to send money to their families.[3][4] In 2013, the company expanded its operations by opening an office in London with 4 employees and another in Vilnius with 5 employees.[5]

In 2015, TransferGo launched in Australia, Canada, South Africa, and the USA.[6] That same year, the company secured $2.5 million from private investors.[7]

In 2016, it introduced the 'NOW' option facilitating pan-European transfers, where the money arrives in the receiver's account within 30 minutes.[8] That year, it also received $3.4 million from Vostok Emerging Finance, which continued with an additional $2.9 million in 2017.[9][10][11]

In November 2016, Transfergo was recognised in the New Europe Top 100 list by the Financial Times.[12] In 2017, TransferGo reached one million transactions and opened an office in Berlin. The company also was honored at the Global Lithuanian Awards 2017.[13] In the same year, Daumantas Dvilinskas, co-founder of TransferGo, was listed in Forbes 30 Under 30 Europe in the Finance category.[14]

In 2018, the company opened offices in Warsaw, Poland, and Istanbul, Turkey.[15][16] TransferGo was also nominated for the 'Fastest Rising Startup of the Year'.[17][18]  By this year, the service employed over 100 people. The company raised $17.5 million in a funding round and an additional $10 million from a consortium of investors, including Revo Capital, Practica Capital, Vostok Emerging Finance, U-Start Club, and others.[19][20]

The company won an award at the Payspace Magazine Awards 2018 in Ukraine for its international money transfer services.[21][22] In 2020, it reached two million users and expanded the number of recipient countries from 67 to 164.[23][24] TransferGo received $10 million from a group of investors, including Seventure Partners, Vostok Emerging Finance, Hard Yaka, Revo Capital, and Bootstrap Europe.[25][26]

In 2021, TransferGo received $50 million investment from Elbrus Capital Fund III, Black River Ventures, and Unlimint.[27] In 2023, TransferGo won the Fintech Impact of the Year award at the Lithuanian Fintech Awards and started operations in Nigeria, Morocco, Ghana, the Philippines, Kazakhstan, and other Central Asian countries.[28] In August, Transfergo launched BLIK as an additional payment method for their customers in Poland.[29]

In December, the platform was named one of the best cross-border payment services at the Payspace Magazine Awards in Ukraine.[30] In April 2024, the company raised $10 million from Taiwania Capital.[31][32]

Overview

[edit]

TransferGo is a global money transfer platform for rapid, low-cost cross-border transactions using local payments rather than traditional methods. The platform supports multiple payout options like bank, card, and wallet transfers but does not offer cash payouts through physical stores, partnering locally in some markets for cash distribution.[33][34]

TransferGo serves over 7 million customers across more than 160 countries, including Eastern and Western Europe, Africa, and the Far East.[35]

TransferGo is a member of the global entrepreneur network, Endeavor,[36] and the FintechHUB association.[37]

References

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  1. ^ "TransferGo raises £37 million as Revolut eyes international payments market". Evening Standard. 30 September 2021. Retrieved 11 October 2024.
  2. ^ Sawers, Paul (2018-12-14). "TransferGo raises $17.5 million as global remittance market heats up". VentureBeat. Retrieved 2024-10-11.
  3. ^ "How TransferGo gave European customers best-in-class speed and value". www.ultimate.ai. Retrieved 2024-10-11.
  4. ^ "TransferGo success story in Lithuania success story in Lithuania". Invest Lithuania. Retrieved 2024-10-11.
  5. ^ "TRANSFERGO LTD people - Find and update company information - GOV.UK". find-and-update.company-information.service.gov.uk. Retrieved 2024-10-11.
  6. ^ "TransferGo expands to Australian and South Africa". Finextra Research. 2015-09-03. Retrieved 2024-10-11.
  7. ^ "TransferGo Secures Record $2.5M Investment Round; Largest Seed Raise in Money Transfer Space". Startup Lithuania. Retrieved 2024-10-11.
  8. ^ "TransferGo offers real-time payments option". Finextra Research. 2016-10-24. Retrieved 2024-10-11.
  9. ^ Inamedinova, Laura K. (2016-06-30). "TransferGo Raises $3.4 Mln A Round From VEF - ArcticStartup". arcticstartup.com. Retrieved 2024-10-11.
  10. ^ "Vostok invests €3 million into TransferGo Holdings Limited". www.penningtonslaw.com. Retrieved 2024-10-11.
  11. ^ "TransferGo closes $3.4m Series A funding round". UKTN. 2016-06-27. Retrieved 2024-10-11.
  12. ^ Foy, Henry (2016-11-15). "New Europe 100 — changemakers in central and eastern Europe". Financial Times. Retrieved 2024-10-11.
  13. ^ "Laureates 2017". Global Lithuanian Awards. Retrieved 2024-10-11.
  14. ^ "Daumantas Dvilinskas". Forbes. Retrieved 2024-10-11.
  15. ^ "Mobile engineer jobs". Jobs in Forex. Retrieved 2024-10-11.
  16. ^ O'Hear, Steve (2018-12-14). "International money transfer company TransferGo scores $17.6M Series B". TechCrunch. Retrieved 2024-10-11.
  17. ^ Veriff. "TransferGo partners up with Veriff". Veriff. Retrieved 2024-10-11.
  18. ^ "TransferGo and Mastercard empower more European customers to make fast, simple and secure cross-border payments". www.mastercard.com. Retrieved 2024-10-11.
  19. ^ EN.DELFI (2018-12-21). "TransferGo Raises $17.5 million in Series B Funding". the Lithuania Tribune. Retrieved 2024-10-11.
  20. ^ "TransferGo completes $17.5 million funding round". Finextra Research. 2018-12-14. Retrieved 2024-10-11.
  21. ^ "PaySpace Magazine Awards 2018 - премия рынка ФинТех в 2018 году". Awards-2018. Retrieved 2024-10-11.
  22. ^ Williams, Jason (2019-05-12). "TransferGo Reaches 1,000,000 Customer Milestone". The Fintech Times. Retrieved 2024-10-11.
  23. ^ "TransferGo Review". Business Expert. Retrieved 2024-10-11.
  24. ^ "TransferGo reaches two million customers worldwide and launches in 11 new markets". en.15min.lt. Retrieved 2024-10-11.
  25. ^ Butcher, Mike (2024-04-09). "TransferGo raises $10M to expand its remittance business in Asia, doubling valuation". TechCrunch. Retrieved 2024-10-11.
  26. ^ "TransferGo reaches two million customers worldwide and launches in 11 new markets". en.15min.lt. Retrieved 2024-10-11.
  27. ^ "Orrick Advises TransferGo on $50 Million Series C Round". www.orrick.com. Retrieved 2024-10-11.
  28. ^ "Leading the charge: Meet the seven Lithuanian FinTech Award winners of 2023 | Silicon Canals". 2023-03-03. Retrieved 2024-10-11.
  29. ^ "BLIK jako nowa metoda płatności w TransferGo". fintek.pl (in Polish). Retrieved 2024-10-11.
  30. ^ Деркач, Николай (2023-12-22). "Оголошено переможців фінтех-Премії PaySpace Magazine Awards 2023". PaySpace Magazine (in Ukrainian). Retrieved 2024-10-11.
  31. ^ dwillis (2024-04-11). "Taiwania Capital invests $10m in TransferGo to fuel Asia-Pacific growth". FinTech Global. Retrieved 2024-10-11.
  32. ^ Smith, Éire (2024-04-09). "TransferGo raises USD 10 mln from Taiwania Capital". VEF. Retrieved 2024-10-11.
  33. ^ Harrison, Polly Jean (2021-05-03). "TransferGo's CEO on Shaking up the International Money Transfer Industry". The Fintech Times. Retrieved 2024-10-11.
  34. ^ "TransferGo Money Transfer: Review & Comprehensive Guide". 25 September 2023.
  35. ^ "Startup Of The Week: TransferGo". Startup Lithuania. Retrieved 2024-10-11.
  36. ^ "TransferGo Founders Become the First Lithuanians to be Invited to the Global Entrepreneur Network, Endeavor". Financial IT. Retrieved 2024-10-11.
  37. ^ Dževeckytė, Rasa. "A. Grigaitytė perrinkta "Fintech Hub LT" valdybos pirmininke". vz.lt (in Lithuanian). Retrieved 2024-10-11.
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