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Migrant remittance network TransferGo seals $50 million funding round

Migrant remittance network TransferGo seals $50 million funding round

London-based remittance outfit TransferGo has closed a $50 million Series C round led by Elbrus Capital and Black River Ventures.

The firm connects 3.5m customers across 160 markets. Despite a challenging economic environment for migrant workers it has experienced prolific, sustained growth at 80x year-on-year during the pandemic.

Since launch, TransferGo has processed 13.5m international and local transactions, amounting to over $6bn in money flow.

Daumantas Dvilinskas, founder and CEO, says: "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."

The latest fundraise, which included participation from exiseting investors Hard Yaka, VEF, SmartHub and Milano Investments, brings the total raised to-date for the company to $77m.

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