TransferGo scoops $50 million series C funding to fund growth
- Published: 1st October 2021, 18:43
TransferGo, a fast-growing money transfer company, has collected a new $50 million funding as investors remain optimistic about the industry.
New funding round
TransferGo is a fast-growing company in the remittances industry. It is headquartered in London, which is home to several other companies in the industry like WorldRemit and Wise. The firm is known for its transparency and speed.
In a statement on Thursday, the company announced that it had raised $50 million. The series C fund came from a group of investors including Elbrus Capital and Black River Ventures. Other companies that participated were Hard Yaka and Milano Investments.
The firm will used the new hoard to fund its growth. In the past few years, it has grown the number of customers to more than 3.5 million, with most of them being immigrants. The firm has the capability to process funds to more than 160 countries. Since it was established, it has processed more than 13.5 million transactions. In a statement, the CEO said:
“With the additional funding, our next chapter of growth will see us in an even stronger position to keep innovating and developing our product offering, for hardworking migrants all across Europe,” he told the news outlet.
TransferGo is in a Competitive industry
TransferGo is in one of the fastest-growing industries globally. In it, it competes with other well-capitalized companies like Wise, which is now valued at more than $14 billion.
Still, it is a relatively large industry where many companies will thrive. Recently, Remitly, a similar American company, went public in New York and is now valued at more than $6 billion.
Other companies in the sector are also considering going public. WorldRemit is expected to become a publicly traded company in the coming year. At the same time, other fintech firms like Nubank and Ascend are considering going public soon.
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Crispus Nyaga is a full-time financial analyst and trader with more than 7 years in the industry. He has been fortunate to work for several fintech companies, mostly from Europe, Asia, and North America. His work is published in leading platforms like Seeking Alpha, Invezz, InvestingCube, Capital.com, and Marketwatch. Crispus operates from a private office in Nairobi.