TransferGo

remittancesmobile/online remittanceconsumer

FOUNDING YEAR: 2012
LOCATION: United Kingdom
Last Update: 01/05/2020

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About

TransferGo is the most convenient way to send money abroad for migrants and businesses: 10x cheaper than banks and cash bureaus; same business day delivery and a guaranteed destination amount without any extra charge. TransferGo is a 'pure-play digital' international money transfer service that is regulated by the UK Financial Conduct Authority (FCA) as an authorised payment institution. We enable international money transfers across Europe and other global destinations, adding a new destination every month. Watch TransferGo's ingenious way of sending money internationally: http://bit.ly/1wNali3 For more information, please visit: www.transfergo.com, www.transfergo.com/en/career/ and https://www.glassdoor.com/Overview/Working-at-TransferGo-EI_IE1057485.11,21.htm

MEDICI Analysis

TransferGo is a pure-play digital remittance service that allows clients to make secure money transfers via web and mobile at lower costs, with guaranteed destination amounts and next business day delivery. TransferGo brings pricing transparency and secure digital solutions with no hidden fees or conditions for all of the users.

Focus

PRODUCTS & SERVICES

Web/Mobile based money transfer services

REVENUE MODEL

They charge a flat fee per transaction (~$1.3), and between 0.2% and 1.3% on the currency conversion/FX.

MAIN CLIENTS

Reatail customers,small and medium businesses

EXISTING PARTNERSHIPS

TransferGo has partnered with more than 30 global banks

PRIMARY PROBLEM SOLVED

The company follows a local-in, local-out model, that allows them to pay money out to recipients as soon as they receive the funds from the senders by working with their bank partners. They also use a algorithm driven currency exchange platform, that provides for low deposit for any currency fluctuations.

COMMENT

The company is looking to expand from current 42 to countries to 100 countries globally.

Traction

VALUATION / MARKET CAP:

$22.67 M in 2016

REVENUE COMMENT:

The company aims to have $73 million in annual revenue by 2016.

TRANSACTIONS VALUE:

$150 M

ACTIVE USERS:

100,000

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