STOCKHOLM, Sweden — Transfer Galaxy, a Swedish digital payments platform launched in 2014, is now a billion SEK company ( $99.4 million). The companies founder and CEO Yosef Mohamed confirmed the financial reports in an interview in Breakit. He explains the business of ‘swishing abroad’, of being a profitable start up and why Transfer Galaxy hardly spends any money on marketing.
“In nine cases out of ten, that’s how we get new customers.”
Yosef Mohamed also discusses their aggressive expansion plans.
Transfer Galaxy launched its service and it immediately gained traction. They were recognized with the Best Company Award at the 2016 Business Challenge Gala. Four years after its birth, the company announces it received $3.7M growth funding from VC firms BackingMinds and Alfvén & Didrikson.
In 2018, Transfer Galaxy introduces several new recipient countries in the Middle East. Launches new brand and celebrates 1 billion SEK ($99.4 million) transferred through the platform. The company expanded to Germany in 2019 and grows to 60 employees and breaks the milestone of 3 billion SEK sent. It recently added that you can now send money to bank accounts in Turkey and Afghanistan.