TransferGo Ltd

TransferGo is a global financial technology company that creates a fairer, more inclusive world for millions of global citizens by offering simpler and more affordable financial services. Celebrating 12 years of innovation, TransferGo continues to break financial barriers, supporting more than 7 million customers in 160 countries while remaining profitable.

In 2018, TransferGo became the first international money transfer service to offer free money transfers to Ukraine. As a sign of solidarity with Ukraine, TransferGo partnered with global payment systems such as VISA and Mastercard, who, together with the European Bank, signed an agreement to keep transaction fees as low as possible—up to 3%.

• Over 7 million people use TransferGo in more than 160 countries across Europe, Asia, North America and South America.
• TransferGo is headquartered in London and has offices in Berlin, Vilnius, Istanbul, Warsaw and Krakow.
• The company employs over 300 people.

2011 — Four young Lithuanian businessmen started an import and export business.

"International transactions were our biggest challenge," recalls Justinas Lasevičius, one of the co-founders.

They were expensive, took a long time, lacked customer support—and you had to stand in lines at service points for hours.

"The last straw was when a bank not only sent money to the wrong country, but in the wrong currency. This put us at risk of fines and even contract termination. Appeals to the bank went nowhere, and no one returned the money."

This was what pushed the young entrepreneurs to create a unique business model that provided the highest level of customer service.

2012 — TransferGo was launched.

It took six months to obtain the necessary licences—and another four to find a bank that would participate.

Thanks to the implementation of innovative solutions, people could send money home from abroad using the account-to-account model and the local-in/local-out principle. So, while transfers were made from card to card, the funds didn’t leave the country. This technology made it possible to minimise the cost of money transfers—meaning significantly lower transfer fees compared to bank transfers, which simply moved money from the sender's country to the receiver’s country.

2018 — TransferGo introduced free money transfers to Ukraine.

This initiative allowed Ukrainian migrants to send money home from Europe to hryvnia cards and accounts without any service fees whatsoever. Outgoing funds arrived in the receivers’ Ukrainian accounts within 30 minutes. According to TransferGo data, Ukrainian migrants in European countries made more than 45,000 homebound transactions in the first quarter of 2018 alone. These added up to more than 8 million euros, which was 10 times higher than in 2017.

Today, TransferGo is used by more than 2 million Ukrainians.

"Our goal is to make sending money abroad as easy and fast as sending a text message—in minutes and with no hidden fees," says Justinas.

Since then, over 3 billion euros have been transferred through the service—with more than 20 million transactions made. Poland, the Czech Republic, Germany, Great Britain and Lithuania remain among the leading countries from where people transfer money to Ukrainian cards.

Later in 2018, TransferGo was nominated in the Fastest Growing Startup category at the TechCrunch Europe Awards and was recognised by TNW as one of the five most promising startups in the UK.

2021–2023 — TransferGo realised further successes.

In September 2021, TransferGo received the "Cross-Border Solution of the Year" award at the Global Payments Day 2021 conference in Kyiv.

A month later, the TransferGo international payment system was registered with the National Bank of Ukraine. Today, TransferGo works with more than 30 financial institutions around the world.

On 25 February, 2022, TransferGo became one of the first international money transfer services to stop all transfers to Russia and cancel commissions for instant transfers to Ukrainian cards and bank accounts.

In 2023, TransferGo launched its service in Nigeria, Morocco, Ghana and the Philippines. There were also rapid developments in Kazakhstan and other Central Asian markets.

2017

• TransferGo co-founder and CEO, Daumantas Dvilinkas, was included in the Forbes 30 Under 30 list.

2018

• On 24 August, TransferGo initiated "the Holiday of Free Money Transfers" to mark the Independence Day of Ukraine at the Singing Field in Kyiv. 25,000 people attended the event and took part in a number of entertaining and educational activities from TransferGo, which included sending postcards to relatives in friends both in Ukraine and abroad, dances and quizzes.

2019

• According to TransferGo’s data, the company experienced a 300% increase in turnover compared to the previous year. Total transactions in Ukraine reached 6.4 billion hryvnias, with users making over 1.5 million transactions.
• At the Global Payments Day 2019 conference, TransferGo received an award in the "Newcomer 2019" category.
• TransferGo processed 5 million money transfer transactions.

2020

• In March, TransferGo and the Our Choice Foundation produced a free guide for Ukrainian migrants on work in Europe. "If you are a citizen of Ukraine and are planning to work in or have already arrived in Poland, the Czech Republic or Germany, then our directory is an indispensable asset. It includes 130 pages of useful information about visa-free travel, work, national visas, residence and work permits, seasonal jobs, blue cards, family reunification, business trips to Germany, as well as samples of documents and addresses of organisations in Poland, the Czech Republic and Germany, where you can get advice or assistance in protecting the rights of Ukrainians abroad," says Anastasia Fomenko, Regional Growth Manager of TransferGo.
• Restrictions were announced in Poland and other European countries due to the COVID pandemic. As of March 2020, Ukrainians transferred 30 million euros from abroad to support their families in Ukraine. TransferGo's total transaction volume in March 2020 increased by 45% compared to the same period last year. This growth is small relative to the volume of transfers to Ukraine, which grew by 100%. Despite the COVID-19 restrictions, TransferGo’s service continued stably and reliably, ensuring that people around the world could still support their loved ones.
• In April, TransferGo helped the Lithuanian government raise funds to protect people from COVID-19. To encourage donations from abroad, the company launched a website that enabled online transfers. TransferGo did not charge a delivery fee for donations, nor did it profit from any charitable transfers.
• In June, TransferGo introduced transfers to all banks in Ukraine. The company’s global client base crossed the two million mark, and the service was launched in 11 new countries.
• Within eight months, Ukrainians made more than 1.2 million transactions from abroad, transferring over 250 million euros to Ukraine via TransferGo.
• In November, TransferGo received 4 million pounds in funding from Silicon Valley Bank (SVB) to develop instant money transfers.

2021

• From February 2020 to February 2021, the volume of transactions to Ukraine increased by 168% compared to the pre-pandemic period. The peaks of transactions were recorded in March 2020 (+210%) and in April 2020 (+215%); the period from October to December 2020 showed a steady seasonal increase every month. December turned out to be a record month in 2020, with almost 200,000 transactions worth about 35 million euros, indicating that most Ukrainians were unable to go home for the New Year holidays.
• In August, TransferGo joined the 30th anniversary celebration of the Independence of Ukraine in Krakow and Wroclaw.
• In September, the company received the Cross-Border Solution of the Year award at the Global Payments Day 2021 conference in Kyiv. Over the past five years, Ukrainian migrant workers collectively sent over 750 million euros home. This meant that since the beginning of the pandemic—from March 2020 to August 2021—the number of transfers to Ukraine increased by 156% compared to the same period before the lockdown.
• In October, TransferGo closed a 50 million-dollar Series C investment. Elbrus Capital and Black River Ventures led the investment round. Driven by the company’s consistent growth of 80% per year since its launch, it brought the total amount of funds raised for TransferGo to $77 million.
• In November, the National Bank of Ukraine registered TransferGo as a new international payment system. "This will provide Ukrainians with the opportunity to use a fast and profitable service of international money transfers, which currently sends money to 160 countries, for transfers to and from Ukraine. Our payment system will allow parents to help their children studying in Europe and all those who wish to pay for goods and services purchased from foreign suppliers," says Anastasia Fomenko, Regional Growth Manager of TransferGo.
• TransferGo supported the 6th Ukrainian Film Festival in Warsaw.
• In December, TransferGo made instant transfers possible for cards from all Ukrainian banks.
• By the end of 2021, Ukrainians sent over 525 million euros home—32% more than in 2020.

2022

• In February, TransferGo became one of the first international money transfer services to stop all transfers to Russia.
• In March, TransferGo introduced free transfers for verified charities supporting Ukrainians affected by the war. The company also added a special humanitarian account for the National Bank of Ukraine so it could receive donations. All transfers to this IBAN were free.
• In an effort to raise funds for Ukraine, TransferGo collaborated with the Embassy of Ukraine in Great Britain on the project With Ukraine.
• After 40 days of war, more than 50 million euros in transfers were sent to the cards of Ukrainian banks. The number of transactions per person tripled, and the amount transferred decreased by 30%. Overall, the volume of transfers to Ukraine in the first quarter of 2022 increased by 18% compared to the same period in 2021.
• In May, the number of people using TransferGo surpassed 4 million.
• TransferGo helped create a therapy cabinet in Warsaw for refugee children with special needs.

• About 1.5 million euros were transferred to Ukraine every day. Incoming financial support grew monthly, with a 6–8% increase in transactions since February 2022. Compared to 2021, February to June 2022 saw a 155–168% increase in transaction volume, despite the fact that workers could not come to Europe for seasonal work.
• 270 million euros were transferred to Ukraine in the first half of 2022. The number of transfers increased by 53%, and the number of new users registered in the service increased by 88% compared to the same period in 2021.
• In August, TransferGo partnered with Agora, a prominent Polish publishing house, to help finance the publication and distribution of books for young Ukrainians in Poland.
• In September, TransferGo’s CEO and co-founder, Daumantas Dvilinskas, signed a joint agreement with other international money transfer companies across the EU and Ukraine at the European Commission in Brussels. The agreement resulted in the simplification of money transfers to Ukraine—meaning that the Ukrainian refugees, victims of the war and workers now benefited from transparent, affordable and competitive tariffs for money transfer services.

• During October, TransferGo’s customer base reached 5 million.

2023

• TransferGo welcomed the new year with new achievements: the company surpassed 6 million customers, who collectively made over 20 million transfers.
• In September, TransferGo became a proud supporter and sponsor of the Ukrainian football club Impulse, based in Warsaw, Poland. The club’s professional team competes in Polish leagues and, in addition, trains children aged 4 to 13.
• In November, TransferGo announced its partnership with BLIK—one of the most popular cashless payment methods in Poland. BLIK is also a very popular payment method among Ukrainians living in Poland. Within just three months of this partnership, about 20% of all TransferGo transactions were made using BLIK.
• In December, TransferGo was recognised by the prestigious Payspace Magazine Awards (PSM Awards) in Ukraine. The company received silver for the best cross-border transfer service provider together with two Ukrainian banks, making it the only fintech company ever recognised in this category.
• 2023 was marked by the expansion of several markets outside the EU. TransferGo became established in Turkey, Nigeria, Morocco, Ghana and the Philippines, as well as in Kazakhstan and other Central Asian markets.

TransferGo customer reviews on Trustpilot.