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2021: A remarkable year in business for TransferGo

Happy New Year! Looking back, 2021 was quite the year for TransferGo. After a triumphant 2020, we experienced another 12 months of phenomenal success. From new funding and award wins, to team expansions and product launches, we had a lot going on.

Back in June last year, we published our 2021 highs so far. Now, we’re going to sit back, relax and soak up all of the 2021 wins for TransferGo. Here goes.

Growth, growth and even more growth

It’s official. TransferGo continues to grow. In 2021, we grew over +25% year-on-year in transactions and added more than 60 new receiver markets. These include CIS countries like Georgia, Moldova and Kazakhstan. We’ve now helped over 3.5 million customers send money worldwide and processed 13.5 million international and local transactions. All of this amounts to over $6 billion in money flow! Wow.

And as our success grows, so does our company. Our employee base grew by 6.5% last year, taking our total headcount to 228, plus a handful of contractors and freelancers. Now that’s what we call #TransferGrowth.

New funding, new opportunities 

Last October, we confirmed that we’d raised $50 million in a Series C funding round. This latest fundraiser was led by Elbrus Capital Fund III and Black River Ventures. It brings our total raised-to-date figure to $77 million. This round also includes funding from new investor Unlimint, as well as existing investors including Hard Yaka, VEF, SmartHub and Milano Investments. Throughout the transaction, Royal Park Partners acted as the exclusive financial and strategic advisor to TransferGo and its shareholders.

So what will we do with this funding? Expand and help more migrants across the world, of course. This round of fundraising will contribute massively to expanding our customer base and developing our product offering across Europe and beyond. We plan to grow 5x in the next 3-4 years. Watch this space.

Nominations and wins

What a year 2021 was for award nominations and wins! Just last month, we won the ‘Start-Up of the Year’ award at the Wrap Up of 2021 & Startup Awards organised by Go Vilnius and Startup Lithuania. Our Chief Customer Officer, Povilas Čiuplys and our Director of People, Irma Dambrauske were there to collect the award from the presenter and Mayor of Vilnius, Remigijus Simasius. We picked up the prize for ‘Cross Border Solution of the Year’ in Ukraine too.

Back in November, our “Valorez pentru România” (“I Value for Romania”) campaign also picked up the Silver Reward for Excellence at the online Romanian PR awards. The campaign aimed to give a voice to Romanian immigrants and shift the unfair perceptions placed on them by fellow citizens.

Speaking about the win, our Chief Marketing Officer Marius Nedelcu said, “We launched this campaign with one purpose: to bring Romanian immigrants closer to their families, but also to their home country. Thanks to this award, along with the other nominations by the Romanian PR Awards and Webstock, we know that we’re on the right track to fulfil our goal.” 

New products

A little over six months ago, we announced that we’d unlocked new markets as a result of our partnerships with Visa and Mastercard. This included the likes of Moldova, Georgia, Ghana, Saudi Arabia and Vietnam. But we didn’t just stop there.

Our partnership with Nium helped us to expand into 4 payment corridors in Asia (and growing), tapping into USD and CAD gateways.

And we launched From Turkey transfers too. This is a huge milestone for us as it represents the first FROM country outside of the EEA. Since March, our customers can now send money FROM Turkey to 39 countries around the world and in 9 different currencies. How awesome is that?

Other wins

2021 was a huge year for us in so many ways and it’s impossible for us to mention every win and milestone. However, we do want to give a special mention to our Ukrainian market. As well as award wins, our Ukrainian market has experienced huge growth and exciting collaborations.

In 2021, our Ukrainian hub collaborated with over 500 influencers across Europe including one with the popular Ukrainian band, Antytila. To mark Ukraine’s 30 years of Independence, the band performed a dedicated song to Ukrainians around the world on the TransferGo Ukraine page. In addition to this, our Ukrainian marketing team and Customer Support organised Independence day events in Poland’s Krakow and Wroclaw—two cities with the biggest Ukrainian migrant communities.

We’ve also had some huge internal promotions. Povilas Ciuplys was promoted to Chief Customer Officer; Elif Ergisi became Chief of Staff; Irma Dambrauske was appointed Director of People; Arnas Lukosius became Director of Engineering, and Nadim Dimechkie moved from his senior copywriting role to become Director of Copy.

And with that, #TeamTransferGo expands and develops. But there’s plenty more still to do.

2022, we’re ready for you.


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