TransferGo, the global fintech empowering a world on the move, today announced securing a 10 million USD investment from Taiwania Capital, a leading venture capital firm in Taiwan, backed by Taiwan’s public and private sectors.
This investment aims to accelerate growth in the Asia-Pacific region and support the expansion of its new product offerings.
TransferGo’s valuation has doubled since its last investment round in September 2021. This surge in valuation is supported by impressive financial performance, with TransferGo experiencing a 50% revenue growth and achieving profitability in 2023. In contrast to recent market trends last year, the company has expanded its team by over 30%, and strengthened its leadership with global talents.
“Our mission is to create a fairer world for the global citizens. The recent investment opens a new chapter for our company, enabling us to accelerate growth in Asia-Pacific by providing people with more opportunities for fairer financial services. Additionally, we will continue investing in broadening our product development and bringing more value to our customers worldwide," says Daumantas Dvilinskas, TransferGo Co-Founder and CEO. "The doubling of our company's valuation, considering the problematic capital market conditions, validates our robust business model and positions us among the fastest-growing consumer finance service brands worldwide."
The company's growth trajectory is driven by its innovative product offering and customer-first approach. With nearly 90% of transactions delivered instantly, 24/7, at 80% market-leading gross margin. This enables TransferGo to provide market-leading offering ensuring accessibility and reliability for its users. Notably, TransferGo has built a reputation for delighting its customers, as reflected in its industry-leading TrustPilot score of 4.7/5. Last year, TransferGo surpassed 7 million clients and operates in 160 countries.
David Weng, CEO at Taiwania Capital says, “We are convinced by the company’s bold mission and clear business strategy. TransferGo demonstrates an exceptional focus on providing added value for its clients and has a proven track record of expertise in creating favorable conditions for financial inclusivity.”
Mitch Yang, the Managing Partner of Taiwania Capital for its CEE fund, emphasises, TransferGo stands as a testament to the positive impact of technology and innovation on the lives of ordinary individuals. Our investment reaffirms our unwavering faith in TransferGo's mission, and we are committed to actively bolstering its expansion and development, particularly in the East and Southeast Asia regions.”