25 June, 2019

Transfer Galaxy reaches one billion Swedish kronor in transaction volume

Transfer Galaxy wants to digitize the way the world's migrants send money to their loved ones in their home countries. They are challenging traditional financial institutions by letting users send money through a digital platform, instead of going to physical agents' offices. On Midsummer Day, Transfer Galaxy reached a transaction volume of SEK 1 billion.

A large part of the world's population lacks access to financial institutions. To be able to send money to them in a smooth way, digital solutions are needed in a historically traditional industry.

Transfer Galaxy was established just over four years ago by entrepreneurs Yosef Mohamed, Khalid Qassim and Ali Mohamed in Örebro, Sweden. With roots in Somalia, they often sent money to relatives in their home country through a local agent in a convenience store. Aggravated by how expensive and complicated it was to send money, they decided to start their digital service. 

Today, the company has raised capital from venture capital firms BackingMinds and Alfvén & Didrikson. It has established its service in 25 European countries and has 30 employees.

1 billion Swedish kronor transferred via Transfer Galaxy

Transfer Galaxy has sent SEK 1 billion worldwide since the company was established. Thanks to the automated process, their customers have saved SEK 40 million in transaction fees compared to the average transaction cost to developing countries as per the World Bank. This 40 million could instead go to education, healthcare and other means of combating poverty. 

- When we ask our customers why they send money, the majority answer that they do it to support their loved ones. The money goes to education, healthcare and food, says Yosef Mohamed, co-founder and CEO of Transfer Galaxy.

Here are some articles from the press (materials are in Swedish):