Hard Yaka leads TransferGo’s $17.6 million Series B funding round
Cross-border payments startup TransferGo secured over $17.6 million in Series B funding, led by Hard Yaka and Vostok Emerging Finance. (Hard Yaka is, of course, the investment firm of Greg Kidd, who is also the co-founder and CEO of globaliD.)
In the context of globaliD’s vision, identity and payments are closely intertwined. It’s not enough for us to have control over our identity. We also need to complement it with accessible financial functionality in order to best leverage ourselves within the global economy.
That means being able to store value and transfer it cheaply, quickly, and conveniently to anywhere in the world. But international payments remains a costly pain point for consumers.
That’s why fintech firms like TransferGo, an industry leader in the international money transfer space, are critical to the globaliD ecosystem vision.
Founded in 2012, TransferGo currently operates in 47 countries around the world, with offices in London, Vilnius, Berlin, Warsaw and Istanbul. It claims a customer base of 833,000 users, adding more than 1,000 new customers per day, and positions itself as offering one of the fastest international money transfer services on the market. This sees it able to provide international “cross-network” transfers in 30 minutes.
Historically, TransferGo launched to enable people in the U.K. to send money to Central and Eastern Europe, a corridor where it claims 20 percent market share (based on the World Bank data). However, the fastest growing corridors today are Continental Europe to Ukraine, Turkey, India and other emerging market destinations.
CEO and cofounder Daumantas Dvilinskas:
“After growing 100% year on year we’ll now accelerate that growth even further. We’ll use this funding to fuel our international expansion and increase market share particularly across Turkey, India, Ukraine and Russia and continue to develop new products and services for our customers.”
Read the full TechCrunch article here.