TransferGo, a UK-based fintech company known for its global remittance platform, has secured a $10 million growth funding round from Taiwania Capital, a Taiwan-based investor. This funding is aimed at supporting the company’s expansion in the Asia-Pacific region.
The decision to raise additional funding was motivated by the desire to accelerate growth in the Asia Pacific market. TransferGo previously raised a $50 million Series C funding round in 2021, which helped double its valuation to around $600 million. Despite this success, TransferGo faced challenges last year when it was fined €310,000 by the Bank of Lithuania for anti-money laundering failings. However, the company took steps to address these issues and received positive feedback from regulators.
Daumantas Dvilinskas, TransferGo’s Co-Founder and CEO, emphasized that the company has been profitable for the past year and has a focus on providing an exceptional user experience as key factors contributing to its success. TransferGo primarily competes with established players like Western Union as well as newer entrants such as Remitly and Wise in the competitive remittance market.
