Transfer Galaxy adds $3.7M in funding and Alfvén & Didrikson as an investor in the company.
Transfer Galaxy, an Örebro, Sweden-based company providing payment services to other countries, announced securing SEK 30M ($3.67M) in a financing round.
The money comes from local investment firm Alfvén & Didrikson and existing investor Backing Minds. The investment, which is pending regulatory approval from Finansinspektionen (Swedish FSA), is going to be used to accelerate the company’s European expansion.
Transfer Galaxy, founded in 2014 by Yosef Mohamed (CEO), Khalid Qassim and Ali Mohamed, developed a platform that allows instant, cheaper and faster money transfers to countries from Africa and Asia. The payments can be made electronically from mobile or computer devices and operates transfers to and from 25 countries in Europe today, with most of the customers generated through personal recommendations.
Since its founding, the company has handled SEK 200M ($25M) in money transfer transactions.
Transfer Galaxy has previouly raised SEK 4.5M ($530k) at a SEK 42 million valuation from investors including Backing Minds and Emad Zand.