TransferGo raises USD 10 mln from Taiwania Capital

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April 9, 2024

Today, VEF portfolio TransferGo announced a funding round led by new investor Taiwania Capital. Taiwania, a firm backed by Taiwan’s government and private sector, invested a total of USD 10 mln in TransferGo.

TransferGo is a low-cost digital money transfer business serving 7 mln customers across the globe. As investors in TransferGo since 2016, we’ve witnessed first-hand TransferGo’s impressive growth and are thrilled to to see them complete this new funding round with Taiwania Capital. We highlight 3 key takeaways from today’s announcement:

1. Valuation step-up

The round took place at a premium to its last funding round, which occurred in September 2021, and was also priced above VEF’s most recent mark-to-model valuation of TransferGo in 4Q23.

2. Accelerating future growth

The capital raised will accelerate the growth of TransferGo’s business in the Asia-Pacific region and support the expansion of new product offerings. This follows a strong last 12 months for the business as they posted 50% revenue growth and achieved profitability in 2023.

3. Improving funding market

TransferGo’s successful fundraise follows the recent up-round of another VEF portfolio company, Gringo. Both companies rank among the top five holdings in VEF’s portfolio by NAV value. We believe these fundraises highlight a broader market trend, where best-in-class private companies are once again successfully raising capital, in many instances at higher valuations versus the previous round.

For more information, read VEF’s press release here and access the TechCrunch article here.