Hot on the heels of its $50 million Series C in September last year, UK-based money transfer company TransferGo has announced the sale of secondary shares, valued at €6 million.
The secondary transaction was led by Nordic Secondary Fund (N2F) and Siena Secondary Fund. They will support the fintech company to scale its workforce, open new offices, launch new send and receive markets, and build new pay-out options.
According to the World Bank, global remittance market is estimated to be worth over $500 billion. Founded in 2012, the startup is on a mission to serve the financial transactions of the rising number of migrants, connecting more than 3.5 million customers across 160 markets.
Talking about the sale, Daumantas Dvilinskas, founder and CEO of TransferGo said: “Our mission is to disrupt the remittance space. With this transaction, we have made make significant returns for our crucial stakeholders, while strengthening our position as we look to continue our path of rapid expansion and payment innovation.”
Peter Sandberg, founding partner at N2F, added: “With a clear mission, and a strong affinity with its customer base, it is representative of what modern financial services should be, and is no doubt going to exceed its ambitious growth targets - we’re excited to be part of its journey.”
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