TransferGo raises $10M to expand its remittance business in Asia, doubling valuation
Summary
TransferGo, the U.K.-based fintech best known as a consumer platform for global remittances, has raised a $10 million growth funding round from Taiwan-based investor Taiwania Capital, with a view to expanding in the Asia-Pacific region. It last raised a $50 million Series C funding round in 2021.TransferGo claims its growth, combined with the new investment, doubles its valuation. We dont need external capital to grow.However, he saw the opportunity to raise funding from Asia to expand there. We are still taking customers from incumbents: 75% come from cash, banks and Western Union thats still the gorilla in the room.He puts TransferGos growth down to focusing on the consumer experience. Regulation is getting stronger, but were happy that we closed the door on that, because we received successful feedback from them after closing the mediation.TransferGo largely competes with market dominator Western Union, but newer upstarts such as Remitly and Wise are also in the competitive mix.