TransferGo Valuation, Funding & Investors
TransferGo is valued at $79M as of October 2018.
Last TransferGo valuation
$79M
Pre-seed · Oct 2018
Last TransferGo funding round
$10M
Series A · Apr 2024
Cumulative funding TransferGo raised
$113M
across 11 funding rounds
Key investors in TransferGo
VEF
Hard Yaka
Revo Capital
Practica Capital
Seventure Partners
U-Start
About TransferGo
TransferGo is a London-headquartered neobank providing account-to-account international transfers to 160 countries. It serves migrants and businesses through its app and API, enabling sends from UK, EU, and Australia to recipients in Europe, Africa, Asia, and Latin America. Authorized by the FCA and operating under EMI licenses in Lithuania and Spain, TransferGo offers fixed fees plus 0.6 to 1.5 percent FX margins, with Express transfers arriving in 30 minutes.
Founded
2012
HQ
LondonWebsite
Status
Privately held
Customer focus
B2C & B2B
Revenue model
Usage-based
Valuation
$79M (Oct 2018)
TransferGo Valuation
TransferGo is currently valued at $79M, based on its pre-seed round in October 2018.
The $13M round included David Murray-Hundley.
TransferGo's valuation has grown 2.6x from $30M at its Series B in August 2017 to $79M in October 2018, across 3 priced rounds.
TransferGo valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2018 | Pre-seed | $79M |
| May 2018 | Series B | $74M |
| Aug 2017 | Series B | $30M |
TransferGo Funding History
TransferGo has raised a total of $113M across 11 funding rounds, plus 1 secondary share sale.
TransferGo's first fundraising round was a $300K seed round in October 2013. The most recent completed round was a $10M Series A in April 2024.
TransferGo funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2024 | Series A | Taiwania Capital Management Corporation (lead) | $10M | - | TransferGo is a UK-based fintech with Lithuanian roots, providing low-cost digital money transfers to over 7 million customers in 160 countries, with nearly 90% of transactions delivered instantly at an 80% gross margin and a Trustpilot score of 4.7/5. The company achieved 50% revenue growth and profitability in 2023, expanded its workforce by over 30%, and strengthened its leadership team despite challenging market conditions. On April 9, 2024, TransferGo secured a $10 million growth funding round led by Taiwania Capital Management Corporation, a Taiwan-based VC firm backed by public and private sectors. Funds will accelerate expansion in the Asia-Pacific region and development of new products to enhance financial inclusivity. TransferGo's CEO Daumantas Dvilinskas noted the round validates the robust business model amid tough capital markets, positioning it among the fastest-growing consumer finance brands. The company continues operations without needing capital for baseline growth but opted to raise for faster scaling. |
| Feb 2022 | Secondary | Nordic Secondary Fund (lead); Siena Secondary Fund (lead) | $7M | - | TransferGo is a UK-based money transfer company founded in 2012, targeting migrants and businesses with cheaper, faster international transfers compared to banks, connecting over 3.5 million customers across 160 markets and processing 13.5 million transactions with consistent 80% year-on-year growth. On February 16, 2022, Nordic Secondary Fund and Siena Secondary Fund led a €6 million secondary share sale from existing shareholders to support TransferGo's expansion plans, including scaling workforce, opening new offices, launching markets, and building payout options in the $500 billion global remittance market. This transaction followed TransferGo's $50 million Series C funding in September 2021 led by Elbrus Capital and Black River Ventures, part of over $80 million raised historically. |
| Sep 2021 | Series C | Black River Ventures (lead); Elbrus Capital (lead); Milano Investment Partners SGR; SmartHub; Pario Ventures; Hard Yaka; Unlimit; VEF; Revo Capital | $50M | - | TransferGo announced the completion of a $50 million Series C financing on September 30, 2021. The round was led by Elbrus Capital Fund III and Black River Ventures, with new investor Unlimint and continuing investors Hard Yaka, VEF, SmartHub and Milano Investments also identified in the announcement. Royal Park Partners advised TransferGo and its shareholders on the transaction. The company provided international money transfers, serving a customer base largely comprising migrants sending funds to their families. At the announcement, TransferGo reported 3.5 million customers across 160 markets and 13.5 million transactions representing more than $6 billion in money flows. Management planned to use the financing to expand its customer base and develop its payment products. The business had grown during pandemic restrictions that limited access to physical money-transfer outlets. The announced financing brought the company’s reported cumulative funding to $77 million. |
| Jun 2020 | Series A | Seventure Partners (lead); VEF (lead); Hard Yaka; Bootstrap Europe; Revo Capital | $10M | - | TransferGo, a London-based international money transfer service founded in 2012, raised $10 million in additional funding on June 16, 2020, co-led by Seventure Partners and VEF (Vostok Emerging Finance), with participation from Hard Yaka, Revo Capital, and Bootstrap Europe. The company, which targets migrants sending money home, positioned itself as offering fast cross-network transfers, guaranteeing delivery in 30 minutes as the only Pan-European service of its kind. At the time, TransferGo had surpassed two million customers, facilitated over seven million transactions, and operated in 33 send countries with payouts to more than 65 countries. Alongside the funding, TransferGo launched in 11 new markets including Japan, New Zealand, Saudi Arabia, Singapore, and Ghana, doubling down on expansion in Southeast Asia and Africa. The company reported 30% growth during the COVID-19 lockdown period, with significant organic uptake in markets like India, Turkey, Ukraine, and Nigeria. Daily remittances increased notably since the crisis began. |
| May 2019 | Series B | VEF (lead); Hard Yaka; Seventure Partners; Revo Capital; U-Start | $3M | - | - |
| Dec 2018 | Series B | Hard Yaka (lead); U-Start | $8M | - | TransferGo is a London-based international money transfer company founded in 2012, specializing in fast and low-cost remittances for migrants across Europe and beyond. It operates in 47 countries with offices in London, Vilnius, Berlin, Warsaw, and Istanbul, serving 833,000 users and adding 1,000 customers daily as of late 2018. The company offers transfers as fast as 30 minutes using proprietary technology and local partner bank accounts to minimize costs and enable competitive exchange rates. In December 2018, TransferGo closed its Series B funding round totaling approximately $17.6 million, comprising two tranches including one from May 2018. The round was led by Vostok Emerging Finance and Hard Yaka, with participation from Revo Capital, U-Start Club, Practica Capital, and about $830,000 from equity crowdfunding via Seedrs. Funds were allocated to international expansion in markets like Turkey, India, Ukraine, and Russia, alongside product development. Hard Yaka's Greg Kidd joined the board, bringing fintech scaling expertise. TransferGo targeted global citizens sending around $500 monthly home, competing with banks, PayPal, and cash bureaus through better rates and speed. It had recently launched a free transfer service in October 2018 and hired high-profile executives, including Renier Lemmens as Chairman. |
| Oct 2018 | Pre-seed | David Murray-Hundley | $13M | $79M | - |
| May 2018 | Series B | VEF (lead); Practica Capital; Revo Capital | $10M | $74M | TransferGo is a low-cost digital cross-border remittance provider focusing on transfers from Western to Eastern Europe and targeting blue-collar migrant workers. The company, founded in 2012, raised approximately USD 9 million in a financing round closed on May 14, 2018, led by VEF alongside Practica Capital and Revo Capital. VEF converted its outstanding USD 2.8 million convertible loan note plus accrued interest and invested an additional USD 2.7 million, increasing its ownership to 17.5% with the stake valued at USD 13.0 million as of June 30, 2018, implying a post-money valuation of USD 74.3 million. By June 2018, TransferGo demonstrated strong growth with 100,124 active users, up from 37,645 in June 2016 and 59,253 in June 2017. Monthly money flow reached GBP 23.6 million in June 2017, reflecting expanding transaction volumes in the competitive digital remittances market. |
| Aug 2017 | Series B | VEF (lead) | $3M | $30M | TransferGo is a low-cost cross-border remittance provider focusing on transfers from Western to Eastern Europe, founded in 2012 and headquartered in London with Lithuanian roots. The company launched in 2013 to offer inexpensive and convenient money transfer options for migrant workers. In June 2017, VEF invested an additional USD 2.9 million via a two-year convertible loan note, bringing its ownership to 9.8% of TransferGo. This investment valued VEF's 9.8% stake such that the implied post-money valuation for TransferGo reached USD 29.6 million, positioning TransferGo as 4% of VEF's portfolio NAV of USD 159.2 million at June 30, 2017. VEF had first invested in TransferGo in Q2 2016. The funding supported TransferGo's growth in the European migrant corridors with a better, quicker, cheaper product than peers. At the time, TransferGo served over 160,000 customers sending over USD 17 million monthly, attracting small and medium-sized businesses, with part of prior funding earmarked for Android app development. |
| Jun 2016 | Series A | VEF (lead) | $3M | - | TransferGo is an international money transfer service launched in 2013, providing inexpensive and convenient options for migrant workers and small to medium-sized businesses. The company raised $3.4 million in a Series A round from Vostok Emerging Finance (VEF) on June 27, 2016, to support international expansion and product development, including an Android application. At the time, TransferGo had attracted over 160,000 customers sending over $17 million monthly across valuable European corridors. VEF highlighted TransferGo as one of the industry's fastest-growing players with a superior product offering compared to peers. |
| Dec 2015 | Seed | Mark Ransford (lead); Practica Capital (lead); Voria Fattahi; Clive Kahn; Richard Tudor | $3M | - | - |
| Oct 2013 | Seed | Practica Capital (lead) | $300K | - | - |
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Who has invested in TransferGo?
21 investors have backed TransferGo across its funding rounds, including VEF, Hard Yaka, Revo Capital, Practica Capital, Seventure Partners and U-Start.
Lead investors include Taiwania Capital Management Corporation, Nordic Secondary Fund, Siena Secondary Fund, Black River Ventures, Elbrus Capital and 5 other investors.
TransferGo Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Stockholm | 6 | Lead | Jun 2016 | |
 Lake Tahoe, NV | 4 | Lead | Dec 2018 | |
 Istanbul | 4 | Participant | May 2018 | |
 Vilnius | 3 | Lead | Oct 2013 | |
 Paris | 2 | Lead | May 2019 | |
 Milan | 2 | Participant | Dec 2018 | |
| Milan | 1 | Participant | Sep 2021 | |
| -- | 1 | Participant | Sep 2021 | |
| London | 1 | Participant | Sep 2021 | |
 Taipei | 1 | Lead | Apr 2024 | |
 Estonia | 1 | Lead | Feb 2022 | |
 George Town | 1 | Lead | Sep 2021 | |
| London | 1 | Participant | Oct 2018 | |
This data is available for Pro users. Sign up to see all 21 TransferGo investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialTransferGo Competitors
TransferGo competitors include listed companies like Delfin and Veefin, and private ones like Astaria, Block Earner, XFlow and EasyTransfer.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| New York City, NY | Private | - | - | $80M | - | |
 Latvia | Publicly listed | $75M | - | $82M | 3.0x | |
 Sydney | Private | - | - | $75M | - | |
 Bangalore | Private | $19M | - | $85M | 4.5x | |
 Singapore | Private | - | - | $87M | - | |
| India | Publicly listed | $36M | $8M | $64M | - |
TransferGo Public Comps
TransferGo is still privately-owned, but its public comps include ALBIS Leasing, Delfin, Time Finance, RMS Mezzanine, Pioneer Credit, Veefin, Niyogin Fintech, Minupar Participacoes, Kruso Kapital and Evolve Royalties.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $35M | $9M | 8.3x | - | 33.2x | 35.6x | |||
| $75M | - | 3.0x | 3.0x | - | 6.2x | |||
| $50M | $11M | 1.4x | 1.3x | 6.0x | 5.4x | |||
| $3M | - | 71.4x | - | - | - | |||
| $73M | $36M | 3.1x | 3.2x | 6.3x | 3.9x | |||
| $36M | $8M | 2.4x | - | 10.5x | - | |||
| $25M | $1M | 2.8x | - | 52.5x | - | |||
| $85M | $81M | 0.4x | - | 0.4x | - | |||
This data is available for Pro users. Sign up to see all TransferGo competitors and their valuation data. Start Free Trial | ||||||||
Common questions about TransferGo
| When was TransferGo founded? | TransferGo was founded in 2012. |
| Where is TransferGo headquartered? | TransferGo is headquartered in London, United Kingdom. |
| Is TransferGo publicly listed? | No, TransferGo is a private, VC-backed company. |
| What is TransferGo's valuation? | TransferGo was last valued at $79M in its pre-seed round in October 2018. |
| How much funding has TransferGo raised? | TransferGo has raised $113M across 11 funding rounds. |
| What was TransferGo's last funding round? | TransferGo's last funding round was a $10M Series A in April 2024, led by Taiwania Capital Management Corporation. |
| Who are TransferGo's investors? | TransferGo's investors include VEF, Hard Yaka, Revo Capital, Practica Capital, Seventure Partners, U-Start, Milano Investment Partners SGR, SmartHub, Pario Ventures, Taiwania Capital Management Corporation and 11 others. |
| Which companies are comparable to TransferGo? | Companies comparable to TransferGo include Astaria, Delfin, Block Earner, XFlow, EasyTransfer and Veefin. |
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