TransferGo, a FinTech leader known for empowering worldwide mobility, has secured a $10m funding boost from Taiwania Capital.
This strategic investment, supported by both the public and private sectors of Taiwan, is poised to accelerate TransferGo’s presence in the Asia-Pacific market.
The company secured the $10m investment from Taiwania Capital, a prominent venture capital firm in Taiwan. This new capital injection marks a pivotal moment for TransferGo, following a valuation that has doubled since September 2021, underpinned by a 50% revenue surge and recent profitability achievements in 2023.
TransferGo operates as a transformative force in the FinTech sector, providing rapid, around-the-clock transaction services across 160 countries. With a commitment to instant delivery for nearly 90% of its transactions and maintaining an 80% market-leading gross margin, TransferGo ensures superior service accessibility and reliability. The company’s dedication to customer satisfaction is also reflected in its high TrustPilot score of 4.7 out of 5.
The newly acquired funds are earmarked for several ambitious projects. Primarily, the investment will expedite TransferGo’s growth initiatives in the Asia-Pacific region and facilitate the rollout of innovative product offerings. These enhancements will aim to provide fairer, more inclusive financial services globally, broadening the company’s product development and customer value propositions.
Additional insights into the company’s strategy reveal an expansion of its workforce by over 30% and a reinforcement of its leadership team with top-tier global talent, despite challenging market conditions in the previous year. This strategic bolstering of resources underscores TransferGo’s resilience and commitment to scaling operations internationally.
TransferGo Co-Founder and CEO Daumantas Dvilinskas shared his vision: “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. 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.”
Previously, the company’s financial growth trajectory had impressed stakeholders, leading to repeated investment rounds, including a notable round in September 2021 that initially marked a significant boost in company valuation.
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