Siena Secondary Fund acquires a stake in TransferGo

17 February 2022

, one of the world’s fastest-growing money transfer companies, has announced the sale of secondary shares, valued at €6million. EstVCA member Siena Secondary Fund also participates as one of the investors.

This transaction closely follows TransferGo’s $50m Series C fundraise in September 2021, and reinforces its ambitious commitment to grow 5x in the next 3-4 years within a global remittance market estimated to be worth over $500 billion according to the World Bank, and at the same time expand its product offering to go after the digital wallet opportunity.

The secondary transaction was jointly executed by Siena Secondary Fund and Nordic Secondary Fund, and together they will support TransferGo to scale its workforce, open new offices, launch new send and receive markets, and build new pay-out options so it can continue to champion fairer, more accessible global payments for migrants.TransferGo connects more than 3.5m customers across 160 markets and has achieved consistent 80% year-on-year growth since its launch.

The money transfer company is an attractive investment proposition having built a strong, loyal customer base in the migrant community, hitting a number of new business milestones, including processing 13.5m international and local transactions, despite market turbulence caused by the pandemic.

Commenting on the sale, Daumantas Dvilinskas, founder and CEO of TransferGo said: “We have our committed early investors and employees to thank for our strong position today, who have worked and supported us in our mission to disrupt the remittance space. With this transaction, we’re delighted to make significant returns for these crucial stakeholders, while strengthening our position as we look to continue our path of rapid expansion and payment innovation.”

Rando Rannus
, General Partner of Siena Secondary Fund, commented: “Over the course of the pandemic, TransferGo’s resilience and growth is testament to the importance of digital payments in keeping the migrant community connected to loved ones. Now, as it embarks on its next stage of growth, powered by a recent Series C raise, we can’t wait to help scale its presence in connecting Europe to the rest of the globe and beyond, establishing its service as the first choice for remittances.”

Image credit: TransferGo;

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