This investment aims to facilitate the company's expansion into the Asia-Pacific region. Previously, TransferGo raised a USD 50 million Series C funding round in 2021.
The company asserts that its recent growth, coupled with the infusion of new capital, has led to a doubling of its valuation. While TransferGo declined to disclose specific figures, it was valued at USD 200 million - USD 300 million by Dealroom in September 2021.
Representatives of TransferGo highlighted the company's profitability over the past year, with marketing being the primary expenditure. They emphasized that the business has achieved sustainability and profitability, with remaining proceeds from the previous funding round. Despite this, TransferGo sought funding from Asia to accelerate expansion in the region.
They attributed TransferGo's growth to its focus on enhancing consumer experience, citing high levels of customer satisfaction and instant settlement services. However, the company faced challenges, including a EUR 310,000 fine from the Bank of Lithuania for anti-money laundering (AML) failings in the previous year. Representatives noted that TransferGo addressed the regulatory issues promptly and received positive feedback from authorities following the resolution.
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