UK-based fintech with Lithuanian roots, TransferGo, has secured a $10 million growth funding round to expand and develop in the Asia-Pacific region. The round was funded by Taiwania Capital, a Taiwan-based investor, TechCrunch reported.
- Established in 2012 by Arnas Lukosevicius, Daumantas Dvilinskas, Edvinas Sersniovas, and Justinas Lasevicius, TransferGo is a fintech platform to facilitate low-cost international money transfers. Having offices in London, Vilnius, Kaunas, Berlin, Warsaw, and Krakow, it is operating in 63 countries. The company’s team includes over 350 specialists.
- In 2021, TransferGo raised a $50 million Series C funding round. According to Dealroom, the startup was estimated to be valued between $200 million-$300 million back then, although TransferGo declined to provide any further information.
- In 2023, TransferGo was fined €310,000 by the Bank of Lithuania for violating the requirements of the Republic of Lithuania Law on the Prevention of Money Laundering and Terrorist Financing.
“We’ve been going through inspection and they found some procedural gaps that we closed by the end of the year. Regulation is getting stronger, but we’re happy that we closed the door on that, because we received successful feedback from them after closing the mediation,” TransferGo co-founder and CEO, Daumantas Dvilinskas, commented.
- The investor of the round is Taiwania Capital, a venture capital firm established in 2017 by the National Development Fund of the Executive Yuan of Taiwan and private enterprises. It backs global startups and manages six different funds, ranging around $56 million to $200 million.
- As Daumantas told TechCrunch, TransferGo has been profitable for the last year. Its business still has proceeds from the last funding round and doesn’t need external capital to grow. Nevertheless, the team decided to raise the current round, which will help them to expand faster in Asia-Pacific.
