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Monday, June 5, 2023

Danish Nordic Secondary Fund invests in Wise’s rival

Copenhagen-based private equity firm, Nordic Secondary Fund II has recently invested in TransferGo. Lithuanian SaaS company has sold a 6-million-euro stake in the secondary transaction led by Nordic Secondary Fund (N2F) and Siena Secondary Fund. It competes with other money transfer companies such as Wise, formerly called TransferWise.  Nordic Secondary Fund II, alongside Siena Secondary Fund, will be able to assist TransferGo to expand its team with new offices as well as create new payment options.

Founded in 2018, Nordic Secondary Fund invests in secondaries which is the first in the Nordics. It acquires secondary stakes in companies with proven business models that have completed a Series-A capital raising from venture capital or corporate venture. With the investment in TransferGo, Nordic Secondary Fund II now consists of Unacast, Cobiro, TransferGo, Hedvig, and Fastspeed A/S.

Nordic Secondary Fund’s announcement

Nordic Secondary Fund II has announced the acquirement of a new secondary stake in TransferGo, one of the most trusted money-transfer services in the world.

Nordic Secondary FundAccording to Peter Sandberg, our Founding Partner at Nordic Secondary Fund. “TransferGo is one of the hottest European fintechs in a space that we’ve been monitoring very closely in recent years. With a clear mission, and a strong affinity with its customer base, it is representative of what modern financial services should be, and is no doubt going to exceed its ambitious growth targets – we’re excited to be part of its journey.”

Siena Secondary Fund provides liquidity for early investors, founders, and employees of high growth startups from the “New Nordic” (Baltics & Scandinavia) region.

Nordic Secondary FundRando Rannus, General Partner of Siena Secondary Fund, commented. “Over the course of the pandemic, TransferGo’s resilience and growth is testament to the importance of digital payments in keeping the migrant community connected to loved ones. Now, as it embarks on its next stage of growth, powered by a recent Series C raise, we can’t wait to help scale its presence in connecting Europe to the rest of the globe and beyond, establishing its service as the first choice for remittances.”

TransferGo’s focus on delivering fast, reliable remittances has led it to become the only Pan-European money transfer company that can guarantee an individual’s money will reach its destination in 30 minutes.

Nordic Secondary FundTalking about the sale, Daumantas Dvilinskas, founder and CEO of TransferGo said. “Our mission is to disrupt the remittance space. With this transaction, we have made make significant returns for our crucial stakeholders, while strengthening our position as we look to continue our path of rapid expansion and payment innovation.”

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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