TransferGo, a Lithuanian fintech company with a strong foundation in the UK, recently secured a significant $10 million in funding from Taiwania Capital. This investment aims to fuel TransferGo’s expansion across the Asia-Pacific region and enhance its product offerings.
The company, known for its efficient online money transfer service, serves over 7 million customers across 160 countries. This latest funding round, provided by the Taiwan-based venture capital firm Taiwania Capital, represents a strategic move to strengthen the fintech landscape in Lithuania and Taiwan and reinforce their cooperation in developing resilient, democratic supply chains.
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 A Bridge Between Taiwan and Lithuania
TransferGo’s recent capital infusion is part of a broader strategy to accelerate growth in the Asia-Pacific region and introduce new, innovative financial products. With over 360 employees spread across Europe, TransferGo wants to leverage this investment to solidify its presence in existing markets and transform international money transfers, making them more accessible and cost-effective.
This investment also signifies the strengthening of ties between Taiwan and Lithuania. It follows previous investments by the Central and Eastern Europe Investment Fund, managed by Taiwania Capital, in sectors such as advanced laser and AI medical technologies in Lithuania. The Fund, which focuses on investments in Lithuania, the Czech Republic, and Slovakia, is dedicated to fostering innovation and development across various industries, including financial technology.
