TransferGo, a prominent U.K.-based fintech renowned for its global remittance services, has secured a $10 million growth investment from Taiwania Capital, a Taiwanese investor, with intentions to bolster its presence in the Asia-Pacific region. This infusion of capital comes subsequent to a $50 million Series C funding round in 2021.
The company claims that its valuation has doubled due to its expansion and fresh investment. While TransferGo's valuation was estimated between $200 million to $300 million by Dealroom in September 2021, specific figures were not disclosed by the company.
TransferGo's CEO, Daumantas Dvilinskas, emphasized the company's profitability over the past year, attributing any expenditure primarily to marketing. He stated that the business has achieved sustainability and profitability, with remaining proceeds from the prior funding round, negating the necessity for external capital to facilitate growth.
However, Dvilinskas noted the strategic opportunity to raise funds from Asia to accelerate expansion into the Asia-Pacific market. Despite its profitable status, TransferGo aims to capitalize on the potential growth in this region where it sees significant opportunities, particularly in attracting customers from traditional incumbents like banks and Western Union.
Dvilinskas attributed TransferGo's growth to its unwavering focus on consumer experience, emphasizing the company's consumer-centric approach and its dedication to improving product features such as instant settlement, which has garnered positive feedback from users.
Nevertheless, TransferGo faced challenges in the past, notably a €310,000 fine from the Bank of Lithuania for anti-money laundering (AML) failings. Dvilinskas acknowledged the regulatory scrutiny, stating that the company has since rectified the identified procedural gaps and received positive feedback from regulators after addressing the issues.