TransferGo, the international online fast transfer company, has attracted an investment round of EUR 8.6 million, the largest amount received by the company in a single financing round.
The total capital attracted by TransferGo has thus reached EUR 17.8 million, with investment contributions from a range of sources including the US, Vostock 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 by 100 percent 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 percent of people still make international money transfers in cash. As a result, the digital remittance market has a huge growth potential. It is estimated to grow five times larger over the next seven years, and the fastest growth will be seen in Europe.
TransferGo offers fast and low cost online money transfers 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 over EUR 100 million with TransferGo, the number of clients increasing year by year. The average amount sent by Romanians is around EUR 420 per transaction.