TransferGo, a UK-based fintech company, has secured $10 million in growth funding from Taiwania Capital, a Taiwan-based investor. The funding is aimed at supporting the company’s expansion in the Asia Pacific region. Last year, TransferGo raised $50 million in a Series C funding round, which doubled its valuation to around $600 million.
Despite facing challenges last year when it was fined €310,000 by the Bank of Lithuania for anti-money laundering failings, TransferGo took steps to address these issues and received positive feedback from regulators. The company’s consumer-centric approach has been a key factor contributing to its success, with a focus on providing an exceptional user experience.
TransferGo primarily competes with established players like Western Union as well as newer entrants such as Remitly and Wise in the competitive remittance market. With this new funding round, TransferGo aims to accelerate growth in the Asia Pacific market and continue its success in providing innovative solutions for global remittances.
