Case Study: How Nium Helped Transfergo Double Transaction Volumes In Key Emerging Markets

Published Oct 1, 2021

Company

TransferGo is a UK-based Fintech startup on a mission to shake-up the international money transfer sector. Frustrated by poor customer service, large fees and no online service options, its founders launched the firm in 2012 with the goal of making global money transfers as simple as sending a text. They now work with 30 banks around the world to make this vision a reality for millions of customers.

To expand its trademark service for high speed, low fee, hassle-free payments into new destinations, TransferGo was looking for a provider it could trust, with a major footprint around the world, especially Asia. It found that partner in Nium. 

“In just a short space of time, Nium has become a trusted partner of TransferGo. Its industry expertise and willingness to go the extra mile empowered us to grasp an opportunity which would otherwise have cost us far more in time and resources. We’re looking forward to working together in the future and understanding more about the opportunities for global expansion.” — Mariano Diaz, Director of Banking & Infrastructure at TransferGo

Challenge

TransferGo, an influential data-driven Fintech, is always listening to customers to improve its service and unlock new business opportunities. This led the firm to target some markets that represent strategic importance in their global expansion plans, thus making the choice of partner crucial to the success.

Other challenges facing TransferGo included:

Local market expertise: Presence in different geographies requires a thorough understanding of the local payment solutions ecosystem. With domestic payment giants having widespread roots, competing for business in new markets is a high-risk mission with poor customer experience surfacing as a threat.

Working with traditional local payment providers. Cost and time delays: Traditional local payment providers are known to rely on outdated tools and expensive payment networks to make money move. This has a direct impact on business profitability for TransferGo; slower payment infrastructure can lead to customer dissatisfaction, and in turn, competitor poaching.

Inefficient and expensive entry in new markets: A diverse range of currency routes and new markets to access requires intense regulatory, technical and product-based upgradation if done independently. Following customer demand and scaling into foreign markets based on the volume of available business should be a quick shift as a part of evolving business strategies.

Regulatory and licensing compliance: Payment infrastructures have varying regulatory requirements across different jurisdictions. Ensuring compliance, strong licensing network, and the integrity of financial systems for TransferGo was a key priority. Their operations as a non-bank institution meant a need for utmost customer protection without compromising on regulatory obligations.

Solution

Nium doubled the scale of money transfer transactions in some of TransferGo’s key emerging markets using their robust financial services network. The complete peace of mind facilitating money transfers to banks, cards and e-wallets in over 100 countries with compliance, transparency and efficiency led to more digital financial services being adopted by new customers at record speed.

To add to the perks of no service disruptions or frustrations of extra fees, real-time payments in new corridors helped TransferGo better cater to traditionally underserved customers with tremendous ease:

Strong network of licences and partners: Entering foreign markets for TransferGo was simple with Nium’s large network; it owns licences in 11 of the world’s largest and fastest-growing jurisdictions to enable seamless global payments, regardless of geography. Removing the hassles of navigating government regulations in local markets allowed them to focus on their primary goal- providing easier and faster money transfer solutions to customers.

Ability to access to new markets with ease: Eliminating the need for proprietary standalone systems to conquer new market entry and growth, TransferGo was able to increase revenue by offering money transfer solutions to clients on a growing global scale.

Network of 100 countries with real-time payments in 65 corridors: Once connected to the Nium platform, businesses have the ability to collect and disburse funds in local currencies to over 100 countries, in addition to issuing physical and virtual cards globally. This makes it easy to focus on regions with high volume of money movement, thus ensuring steady company growth.

Fast integration and technical support: The technical support provided made integration with Nium an absolute breeze. From the backend dashboards providing real-time updates on transaction volumes, to insights vital to keeping operations running immaculately, Nium made partnering easy and transparent for TransferGo.

Results

A 2x growth in transaction volume across strategic emerging markets within a year is powerful proof of Nium helping TransferGo to optimise growth momentum in new markets—but the impact did not end here.

Here are more details on how Nium helped TransferGo, and can also help your business unlock new success:

• Expanded to 4 payment corridors in Asia (and growing), tapping into USD and CAD gateways.
• Seamless integration and hassle-free technical support to streamline and accelerate the speed of backend operations.
• TransferGo was able to better oversee and manage their treasury.
• Improved customer satisfaction and engagement with localized servicing available within Nium’s vast network.
• Visibility of live FX rates to take away any guesswork from transfer conversions.
• Better customer insights and local market trends provided pivotal feedback to improve strategic planning and marketing activities.
• Quick entry into highly regulated markets to profit from available business opportunities.

More about Nium:

Nium is a leading B2B financial services technology platform that seamlessly connects businesses to the world’s payment infrastructure with a single API.

Nium’s modular platform removes the complexity from global payments and allows banks, payment providers, travel companies, and other businesses to embed financial services, including technologies for pay-outs, pay-ins, card issuance, and banking-as-a-service, in weeks, not months.

Once connected to the Nium platform, businesses have the ability to collect and disburse funds in local currencies to over 100 countries, plus issue physical and virtual cards globally. Nium owns licenses in 11 of the world’s largest and fastest-growing jurisdictions to enable seamless global payments, regardless of geography.

Contact us to learn more about how your business can access the world’s payment infrastructure with Nium.