Fintech TransferGo Sees All-time High - Reaching Five Million Customers - as Demand for Migrant Remittances Soars
- Money Transfers
- 13.10.2022 12:05 pm
TransferGo, one of the world’s fastest-growing money transfer companies, today announces significant year-on-year growth. Committed to providing hard-working migrants across the globe with access to simpler, better financial services, the fintech, which also supports transfers to Ukraine, has seen soaring customer adoption, transaction growth and an accelerated global market expansion.
While the remittance market has faced a turbulent 12 months with the war in Ukraine, supply chain disruption and talent shortages contributing to general economic uncertainty, TransferGo has remained resilient and continues to post business-wide growth. In fact, the demand for its service is highlighted in its latest milestone of reaching 5M customers. In its first nine years, it gained 3M customers, however, in the last year alone, TransferGo has seen an additional 2M.
Moreover, one year on from its landmark $50m Series C funding, TransferGo has opened new receive markets in West Africa and in the Commonwealth of Independent States, including in Armenia, and Azerbaijan. This has supported a year-on-year transaction increase of 64% as migrants continue to place their trust in TransferGo as the best way to send international payments.
To accompany this network momentum, the company has grown its workforce by almost half (45%) and now has over 20 different nationalities across its teams. In the last 12 months, it has hired a variety of roles, from customer service agents to marketing and the C-suite, with Mantas Žalneravičius notably appointed as its new Chief Technology Officer.
Over the last six months, TransferGo has dedicated a number of services to providing support to its Ukrainian customers, both those in-country and across Europe. This includes organising donation pages, accelerating the development of a bank account solution, and waiving fees for instant transfers to cards and IBANs in Ukraine. It has also ensured services remain operational to keep families financially connected. In addition to this, last week TransferGo’s CEO and Co-Founder Daumantas Dvilinksas, joined several EU and Ukrainian financial institutions in signing a joint statement with the EU Commission, pledging to #StandWithUkraine through the provision of affordable, accessible, and transparent remittance services to the country.
Commenting on TransferGo’s strong growth, Dvilinksas said: “In the face of geo-political conflict, we have never deviated from our mission to support migrant communities with access to simple, better financial services. I am proud to lead such a dedicated, ambitious and diverse organisation that lives and breathes migrants’ challenges, and works tirelessly to address financial friction - whether that’s in Ukraine or elsewhere across our global network.
“Our year-on-year growth coincides with TransferGo’s 10-year anniversary, and we would simply not be able to mark this milestone without our fantastic employees putting customer needs first. I can’t wait for us to build on this momentum and change the nature of remittances - bringing new innovative products to new markets and further supporting our five million strong, and growing, customer base.”