Fintech Success Story Against the Odds. Or the Unexpected Virtue of Ignorance (sorry Birdman)

by: Gustė Sadaunykaitė

Note: This entry has been made under the success story chapter of the FinTech book. As a result the founder(s) and its company name may be used to illustrate their story.

TransferGo was founded 2 years ago now, with no money in founders’ pockets, but huge ambition in their hearts…and utter ignorance of the challenges that lay ahead. They wanted to disrupt the international money transfer industry, where, traditionally, success was built on monopolisation, rather than a superior consumer experience.

Fast forward to the present day and the company has already surpassed the US$1m revenue mark and has grown to incorporate a fantastic team of 26 employees — and this is just the beginning. However, what is most important here, is TransferGo’s founding secret that all young ambitious entrepreneurs should learn about. Even though they had a needed solution that was born out of frustration while dealing with regular international transfers services at their local bank, all these months spent obtaining permissions in order to actually start operations, open your eyes for quite a different take on this supposedly well developed and forward thinking banking industry. Also, being disruptive, means changing the usual system, what is rarely greeted with the open arms. This happened to TransferGo guys as well — threats, handed-in notices, accusations and only thanks to a strong risk-management history and undeniable start-up luck, the company managed to stay on, while many around just simply went under.

Finally, company now is a great proof of the historical truths that our lives were changed by new big ideas delivered by small determined teams. Read a full story on how it all started and the transformational impact that TransferGo had not only to the industry but more importantly on many lives of migrant families and helping them to enter middle class by simple saving them more than 90% on their money-transfer costs and can deliver the money to their families on the same business day enabling same day purchasing power.

Editors Notes: This entry has been submitted to the FINTECH Book, the world’s 1st globally crowd-sourced book on FINTECH. Readers that enjoyed this initial abstract are invited to share and like it so that it may be featured in a longer version.

The FINTECH Book is due to be released in April 2016 and is available for Pre-Order on Amazon.