London-based international money transfer fintech TransferGo has raised another $50m in funding in its Series C round.
Co-led by Elbrus Capital’s third fund and Black River Ventures, the latest round brings the total TransferGo has raised thus far to $77m.
Existing investors Hard Yaka, VEF, SmartHub and Milano Investments backed the round, and new investor Unlimint also provided funds.
TransferGo, which has grown 80 per cent year-on-year since it was founded in 2012, said it will use the funding to develop new products and drive growth so that it reached its heft goal of “growing 5x in the next 3-4 years.”
It also said it would use the funds to grow its customer base – which is predominantly made up of migrants who send and receive money across Europe. Currently, 3.5m customers use TransferGo across 160 markets.
And while Covid lockdowns forced many high street transfer stores to close, the startup’s technology filled the gap.
“Despite a challenging economic environment for migrant workers, TransferGo has seen prolific, sustained growth during the pandemic,” said CEO and founder Daumantas Dvilinskas.