Case Study: TransferGo

TransferGo’s revolutionary cross-border payments service burst onto the market in 2012. The scale-up allows people to keep and send more of their hard-earned money by making the process cheaper, faster and safer than what was historically on the market.

The social economic good that TransferGo’s committed to meant that they were the perfect fit for the Bootstrap Europe fund. TransferGo’s CEO and co-founder, Daumantas Dvilinskas tells us:

“Since we have started working with Bootstrap Europe, our revenue has doubled. They have helped us fuel our growth just because they are such an exceptional financing partner to have. They recognise various strategic hurdles and help you overcome them”.

TransferGo’s mission is to make sending money home as convenient as possible. The business wants to give everyone who uses their platform instant spending power no matter the country, or the person’s economic standing.

The payments service allows individuals and businesses to send money from the UK and 32 other countries in a low-cost way. There was a high demand for a service like this for many different people, in particular, migrant workers who need to financially support their families and loved ones in their home countries.

Dvilinskas tells us: The core of our business is socially-focused. We want to support migrant workers who typically send, on average, at least 20% of their income back home. In most cases, this is equal to a minimum salary in their home country. To provide a service that can make this transaction cheaper, and allow the people using TransferGo to spend less of their income on unfair international payment fees is the main goal”.

From the outside, it’s clear to see TransferGo’s contribution to democratising finance through technology, a feat Dvilinskas tells us they are continuing to work on.

“We’re proud of the work we have done to date. We’ve eliminated unnecessary transaction fees by making our cross-border service 90% cheaper than other methods. We want to make people’s lives easier and make international payments services fairer”.

TransferGo’s unique offering means that growth has superseded expectations, hence their goal to find a strategic venture debt partner who was committed to helping them grow.

TransferGo is looking to expand globally over the next few years as they see growth year on year. The business has been fortunate to have done well during the current covid-19 crisis and looks towards the future with help from Bootstrap Europe’s hands-on team. Dvilinskas tells us:

“The Bootstrap Europe is a group of professionals, commercially driven, and they know what to focus on. Each member of the team is very experienced in their respective areas and have always been available when we needed support. Overall, their strength is the balancing act they can achieve with businesses like us who want a venture-debt solution. They have many strengths including their ability to be both pragmatic and empathic. We’re excited to see what the future holds for both TransferGo and Bootstrap Europe.”

To find out more about TransferGo, you can visit their website here.

Bootstrap Europe supports thriving industries across the globe, from green energy and genetic testing to SaaS, fintech and smarter city solutions; the team’s collective experience has ensured that the fund includes some of Europe’s fastest, socially-focused scale-up businesses.

To find out more about how Bootstrap Europe helps scale-up businesses, you can visit our website here.

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