In a significant boost to its growth ambitions, TransferGo, the Lithuanian-origin fintech powerhouse, has recently clinched a $10 million investment from Taiwania Capital, a leading venture capital fund based in Taiwan. This strategic infusion of capital is earmarked for propelling TransferGo’s expansion across the Asia-Pacific region, which is ripe with opportunities for fintech innovation.
Founded over a decade ago, TransferGo has etched its name in the realm of international money transfers, making financial services more attainable and straightforward for the citizens of the world. Operating in a staggering 160 countries and serving over 7 million customers, the company has consistently strived for excellence in facilitating seamless financial transactions.
The recent financial backing from Taiwania Capital, which manages an impressive portfolio worth EUR 865 million across diverse sectors, marks a pivotal chapter in TransferGo’s journey. The investment is not just a testament to TransferGo’s robust business model and strategic direction but also signals Taiwania Capital’s largest financial commitment in Lithuania to date.
Daumantas Dvilinskas, the visionary co-founder and CEO of TransferGo, expressed his enthusiasm about the partnership, highlighting the alignment with the company’s mission to democratize financial services. “This backing from Taiwania Capital will accelerate our foray into the Asia-Pacific region, bringing our equitable and cost-effective financial solutions to a broader audience,” Dvilinskas remarked.
Over the years, TransferGo has distinguished itself through its unwavering commitment to customer satisfaction and product innovation. An astounding 90% of transactions on the platform are processed instantaneously, a testament to the company’s operational efficiency and technological prowess. This efficiency has not only earned TransferGo a commendable profit margin of approximately 80% but has also fostered deep trust among its users, as evidenced by an impressive 4.7/5 rating on TrustPilot.
The investment comes at a time when TransferGo’s valuation has witnessed a remarkable uptick, doubling over the past few years amidst strong financial performance, including a 50% year-on-year revenue growth and the achievement of profitability last year. This financial robustness is further complemented by a 30% growth in the company’s workforce, attracting international talent and reinforcing its position as one of the fastest-growing fintech entities globally.
David Weng, the Head of Taiwania Capital, lauded TransferGo’s significant contributions to financial inclusion and client value. Mitch Yang, Managing Partner at Taiwania Capital, echoed this sentiment, underscoring the investment’s alignment with the firm’s belief in TransferGo’s mission and its commitment to supporting the company’s growth, particularly in East and Southeast Asia.
TransferGo’s trajectory is a beacon of how technological innovation and a customer-centric approach can redefine the financial services landscape. With this new partnership, TransferGo is poised to scale new heights, bringing its vision of accessible and hassle-free financial services to more parts of the world.
