TransferGo Defies Remittance Predictions with All-Time Highs
TransferGo, one of the world’s fastest growing money transfer companies, today showcases the strength and importance of digital remittances by hitting new milestones in total transactions and in cross-border payment flows. It has now recorded over £3billion in international money flows and over 10 million customer transactions, demonstrating both its resilience and value in keeping its global migrant customers connected with loved ones during a turbulent year.
In April 2020, the World Bank predicted the pandemic would cause the sharpest decline in remittances in recent history, and would ultimately affect providers in the market. However, TransferGo has proven that the migrant community continues to rely upon instant and affordable cross-border payments with registered customers on the platform increasing to 2.5million.
In fact, demand for global real-time transfer services has been so high that TransferGo has unlocked 95 new markets this year through key industry partnerships with Mastercard and Visa. By integrating with Mastercard Send™ and Visa’s real-time push payments platform, Visa Direct, TransferGo has empowered new customers in countries like Nigeria, Moldova, Georgia, Ghana, Saudi Arabia and Vietnam to send payments directly to a card without having to navigate online banking or find the International Banking Account Number.
What’s more, this heightened interest for globally accessible money transfer services has enabled TransferGo to explore send-markets outside of the European Economic Area for the first time. By working with Birleşik Ödeme, a leading Turkish payment services company, TransferGo has become available to consumers in Turkey looking to take advantage of high speed, low fee cross-border payments.
Commenting on the news, Daumantas Dvilinskas, CEO and Co-Founder of TransferGo said: “Today’s milestones are in honour of our fantastic employees and their endeavours to put our customers’ needs at the heart of everything we do. We have always championed fast, cost-effective and simple money transfers and despite the challenges of the last year, our programme of innovation and expansion has paid dividends in accomplishing what matters most – keeping the migrant community in touch with friends and family back home.”
Today’s announcement follows multi-million financing from Silicon Valley Bank in November, allowing TransferGo to power instant money transfers and pursue an accelerated programme of digital payments transformation. Digital remittances have proven to be a mainstay of financial inclusion and this funding continues to enable TransferGo to provide globally accessible services both during and beyond the pandemic.