TransferGo announces strategic investment from Taiwania Capital to boost growth in Asia Pacific
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.
Daumantas Dvilinskas, Co-Founder & CEO at TransferGo
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, emphasizes, 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.”
About TransferGo
TransferGo is the global fintech creating a fairer world for millions of global citizens by offering simpler, more affordable financial services. Celebrating over a decade of innovation, TransferGo continues to break down financial barriers, supporting over 7 million customers across 160 countries while remaining profitable. With a strong focus on financial inclusion, TransferGo’s mission is to make the world fairer by transforming how people and businesses send and receive money across borders. With its headquarters in London and Vilnius, TransferGo employs more than 360 people across Europe.
About Taiwania Capital
Established in 2017, Taiwania Capital is a leading venture capital firm in Taiwan, supported by Taiwan’s public and private sectors. Our mission is to establish a partnership with companies worldwide and boost Taiwan’s economic growth. We focus on investing in companies at different stages, particularly in the technology and biotech sectors. By linking technology with capital, Taiwania Capital aspires to create a robust ecosystem in Taiwan that fosters entrepreneurial innovation.
Presently, Taiwania Capital oversees six funds totaling USD 865 million in assets under management and has made investments in more than 70 companies worldwide. Among these, 11 portfolio companies have undergone public listings in both the U.S. and Taiwan, and additionally, two portfolio companies have been acquired. Taiwania Capital has facilitated connections between international innovative companies and Taiwan’s renowned ICT and Biotech industries through co-investments, supply chain collaborations, and technology partnerships. For more information on Taiwania Capital, please visit: https://en.taiwaniacapital.com
You can also read about this news here: TransferGo raises $10M to expand its remittance business in Asia, doubling valuation | Tech Crunch
