TransferGo, the international fast online transfer company, has attracted a round of investment of EUR 8.6 million, which is the biggest amount received in a single financing round by the company.
The total capital attracted by TransferGo thus raised to EUR 17.8 million, the investment contributions coming from a range of sources including the United States, Vostok Emerging Finance, Practica Capital, and new investors from Turkey, Revo Capital.
“The European Fintech start-up ecosystem is really dynamic and has a lot of growth potential. The last quarter has been very special for our team. We doubled monthly acquisition and exceeded EUR 1 billion transferred using our service, since the start of our activity, growing 100% year-on-year. New investments will be used to fuel expansion, as well as to enable us to expand the range of services we offer”, said Daumantas Dvilinskas, CEO at TransferGo.
According to World Bank estimates, 80% of the people still make international money transfers in cash. As a result, the digital remittance market has a huge potential for growth. It is estimated that it will grow five times larger over the next seven years, while the fastest growth will be observed in Europe.
TransferGo offers fast and low cost online money transfer for both individuals and companies. The online service has won the trust of over 600.000 consumers worldwide who have managed to save a total of over EUR 20 million compared to other available money transfer tools on the market.
Until now, Romanians have sent with TransferGo over EUR 100 million, the number of clients increasing year by year. The average amount sent by Romanians is around EUR 420 per transaction.