TransferGo said to raise $10m in funding, alongside launch in 11 more countries

International money remittance service TransferGo has reportedly netted $10m in funding, after its customer base surges past two million.

The investment round was co-led by Seventure and Vostok Emerging finance, according to a report from TechCrunch. Additional support came from Hard Yaka, Revo Capital and Bootstrap Europe.

In conjunction with the funding announcement, the company has revealed it has entered into 11 new markets, including Japan, New Zealand, Saudi Arabia, Singapore and Ghana, the article states.

TransferGo claims it has supported more than seven million transactions since it was launched, with the number of daily uses growing since the coronavirus. The company even stated it has seen a 30% growth during the lockdown, with a big rise in organic growth, the article states.

The FinTech platform is a digital money transfer service for migrants and businesses across Europe, North America, Asia and Africa. Users can send money to 67 countries.

The platform works by a user selecting the recipient details, and connecting with a local bank or debit card to make a local transaction of up to ?1,000.

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