Founded in 2012, TransferGo has established itself as one of the most trusted money transfer services in the world, focusing on delivering fast and reliable remittances across the world. TransferGo has quickly built a reputation as one of the most trusted money transfer services worldwide by placing security, speed and ease of use at the heart of its tech-driven solutions.
Here Daumantas Dvilinskas, CEO & Co-Founder of TransferGo, shares insight into the company and the future of fintech challengers.
What ‘issue’ did TransferGo set out to solve?
The existing process for international payments and remittances is broken; banks provide an often costly, slow and inconvenient service that is not fit-for-purpose. As a company founded by migrants, for migrants, we wanted to completely shake up the international money transfer industry. Our vision is to make the process fast, cost-effective, and convenient for hard-working people everywhere.
How has TransferGo gone about it solving it?
Starting out this journey, it was critical for us to foster meaningful and long-term partnerships to ensure that we achieve our vision. We have loved finding and establishing relationships with the wider financial services community as it has helped us grow our appeal, increase our presence in different markets and deliver more impact for our customers. This trend of collaboration hasn’t stopped either. In the last year alone, we’ve formed strategic partnerships with industry innovators like Mastercard and Visa to continue to improve our remittance service and make it as accessible as possible.
What makes TransferGo stand out?
Transparency and trust. We represent a new breed of fintech companies that is customer-obsessed. We are shaking up the remittance market by keeping our customers at the heart of every action we take. Doing so has allowed us to reach the heights we stand at today with over £3billion in international money flows and over 10 million in customer transactions.
We’re really good at international money transfers and this will always be our main focus. But when we need to evolve our services, as a fintech, we benefit from being able to most fast and build strong partnerships with those that can support us. For instance, we recently partnered with Thought Machine to introduce more enhanced services and drive impactful experiences through their cloud services.
What opportunities have pushed you to where you are today?
Firstly, we are thankful for the trust from our investors in enabling us to transform international remittances and make them work for the migrant community. Just last year, we received a £10million injection to support the expansion of our platform into new markets.
Secondly, we’re proud of our industry partnerships, whether that’s with Mastercard, Visa, Thought Machine, SumSub or Veriff, in enabling us to evolve our service, strengthen our proposition and reach new markets with ease.
What changes might the future hold for both the challenger and their customers?
Whether it’s the service provider or the end-user, there’s no doubt that the future of international money transfers will be grounded in digital solutions. The pandemic has taught us that the online experience is king and there’s no reason for this to change once lockdown restrictions ease. Customers want fast, easy access to their remittance services, they don’t want to queue in long lines or get stung with unnecessary fees. This will likely mean that providers will consolidate their services around a digital-first experience, while customers will have a greater choice in the services available to them.