Money transfer platform TransferGo bags $10m Series B

International money transfer platform TransferGo has collected $10m in its Series B funding round.

Contributions came from current backers Vostok Emerging Finance and Practica Capital as well as new investors Revo Capital.

TransferGo is a digital money transfer platform for migrants and businesses across Europe and Asia. The platform works by a user selecting the recipient’s details, and connecting with a local bank or debit card to make a local transaction of up to £1,000.

Founded in 2015, the company helps to save up to 90 per cent on international money transfer fees and can send money within 30 minutes.

TransferGo operates from offices in Berlin, London and Warsaw, and opened a new office in Lithuania last year. Currently, the company supports 47 countries and 22 different currencies.

The company witnessed strong growth last year, having doubled its monthly acquisition in the final quarter, exceeding £1bn in total transfers and growing by 100 per cent YoY, according to the company.

With this new equity line, the company will look to fuel its expansion, and expand its current product offerings.

Revo Capital partner Berkin Toktas said, “We are proud to become a part of this story and help this great team launch Turkey as a gateway market between Europe, MENA and APAC. With near-real-time payouts and an impending wave of exciting fintech announcements, we believe TransferGo will truly change cross-border payments in our region.”

This equity injection brings the company’s total funding efforts to $20.6m. Last year, the company bagged a $2.9m investment from Vostok Emerging Finance.

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