TransferGo announced a strategic $10 million funding round with Taiwania Capital Management.
The global remittance firm didn’t need the capital, according to CEO and co-founder Daumantas Dvilinskas—they achieved profitability last year, powered by 50 percent year-on-year growth.
As he explained to TechCrunch:
We have been profitable for the last year in and out, and the only burn was marketing, but the burn was very limited. We achieved sustainability of the business and became profitable and we still have proceeds from the last funding round. So we are profitable. We don’t need external capital to grow.
Instead, the partnership with Taiwania Capital Management will help TransferGo accelerate its expansion in the Asia-Pacific region.
Here’s Daumantas, from the press release:
Our mission is to create a fairer world for global citizens. The recent investment opens a new chapter for our company, enabling us to accelerate growth in Asia-Pacific by providing people with more opportunities for fairer financial services. Additionally, we’ll continue investing in broadening our product development and bringing more value to our customers worldwide.
Speaking with TechCrunch:
We are still taking customers from incumbents: 75% come from cash, banks and Western Union — that’s still the gorilla in the room.
Enjoy the weekend!