Lithuanian-founded fintech TransferGo receives $10M in funding

TransferGo, a UK-based fintech startup with Lithuanian roots, has received a $10 million growth funding round from Taiwania Capital. It plans to expand across the Asia-Pacific region, according to TechCrunch.

• Founded by Daumantas Dvilinskas, TransferGo is a fintech scale-up that offers online money transfers to over 7 million customers across 160 countries. The company also claims its mission is to make the world fairer by transforming how people and businesses send and receive money across borders.
• With its headquarters in London and Vilnius, TransferGo employs more than 360 people across Europe. In 2021, the company raised a $50 million in a Series C funding round. However, last year, TransferGo was hit with a €310,000 fine from the Bank of Lithuania for AML (i.e. anti-money laundering) failings.

We raised money because we wanted to expand faster in Asia Pacific. So that’s the next frontier for us. We are still taking customers from incumbents: 75% come from cash, banks, and Western Union — that’s still the gorilla in the room,

Daumantas Dvilinskas, TransferGo сo-founder and CEO, told.

• The funding round was provided by the Taiwan-based investor Taiwania Capital, a venture capital firm founded in August 2017 by the National Development Fund of the Executive Yuan of Taiwan and private enterprises, aimed at supporting Baltic companies.

With a fresh injection of funds, TransferGo plans to expand its financial services in the Asia-Pacific region.