UK-based money transfer company TransferGo has announced the sale of shares worth €6 million to expand into the global remittance market.
The secondary transaction is led by Nordic Secondary Fund, a specialist fund focused on start-ups with a proven and scalable business model. N2F is also backed by Siena Secondary Fund, and together they will support TransferGo to grow its workforce, open new offices, launch new sending and receiving markets, and create new payment options.
TransferGo connects over 3.5 million customers in 160 markets and has achieved 80% year-over-year growth since launch. The money transfer company is an attractive investment proposition having built a loyal following in the migrant community, achieved a number of new business milestones including processing 13.5 million international and local transactions, despite market turbulence caused by the pandemic, according to the press release.
Company officials said that with this transaction, they aim to generate meaningful returns for these stakeholders, while strengthening their position as they seek to continue on a path of rapid expansion and innovation in matter of payment.