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Image Credits:Daumantas Dvilinskas, TransferGo co-founder and CEO
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TransferGo , the U.K.-based fintech well known as a consumer weapons platform for orbicular remittances , has call forth a $ 10 million growth funding round from Taiwan - ground investor Taiwania Capital , with a panorama to expand in the Asia - Pacific neighborhood . It last raised a $ 50 million Series C financial backing round in 2021 .
TransferGo claims its growth , combined with the new investing , doubles its valuation . In September 2021 Dealroomvaluedit at $ 200 million-$300 million , but TransferGo pass up to go into specifics .
Daumantas Dvilinskas , TransferGo carbon monoxide - founder and CEO , told TechCrunch : “ We have been profitable for the last year in and out , and the only suntan was marketing , but the burn was very limited . We achieved sustainability of the business organization and became profitable and we still have proceeds from the last backing beat . So we are profitable . We do n’t need outside capital to grow . ”
However , he saw the opportunity to levy backing from Asia to expand there . “ We lift money because we wanted to inflate quicker in Asia Pacific . So that ’s the next frontier for us , ” he aver . “ We are still taking customers from incumbent : 75 % add up from hard currency , banks and Western Union — that ’s still the Gorilla gorilla in the way . ”
He puts TransferGo ’s increment down to focus on the consumer experience . “ We ’ve always been probably the most consumer - centric caller in the place , ” he said . “ This is evident in our Trusted Reviews — still better than others . We really construct out the Cartesian product for our consumer . So that instant settlement of 90 % , 24/7 heartbeat , consumer love that . And it ’s not easy to do . It takes sentence . You have to solve existing applied science issues . ”
Still , it has n’t all been plain sailing . Last year TransferGo washitwith a € 310,000 mulct from the Bank of Lithuania for AML ( i.e. anti - money laundering ) failings .
“ We ’ve been survive through inspection and they rule some adjective opening that we closed by the remainder of the year , ” Dvilinskas told me . “ Regulation is get stronger , but we ’re felicitous that we closed the door on that , because we received successful feedback from them after fill up the mediation . ”
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TransferGo largely compete with grocery store dominator Western Union , but newer upstart such asRemitlyandWiseare also in the free-enterprise mix .
