Posted in | 12 October, 2009

TransferTo secures $3million Series A investment

TransferTo, the global mobile airtime transfers company, today announced that it has completed a Series A investment from a new investor, Ingenico Ventures, an investment fund fully owned by Ingenico S.A., a leading global provider of secured electronic payment solutions.

The funding will be used to further accelerate the international growth of the Singapore based company.

“The investment of Ingenico Ventures demonstrates the potential of the cross border airtime exchange market and TransferTo’s ability to operate globally” said Eric Barbier, CEO of TransferTo.

The company operates a global airtime remittance network interconnecting the mobile operators’ prepaid users. Simply by SMS, foreign workers can recharge the prepaid mobile phone of their relatives back home. Airtime remittance enables migrants to send small value amounts: 200 million migrants remit $300 billion every year.

“Thanks to TransferTo, mobile operators, retailers, banks and money transfer companies can offer an innovative and differentiating service to their ethnic segment — an underserved market with a high telecom spending usage” said Eric Barbier. With a global reach over 5 continents, TransferTo gives instant access to Brazil, China, Egypt, India, Mexico, Poland, and many other countries in the largest migration corridors”.

With more than 100 migration corridors fully covered, TransferTo is a leading global player in the international airtime remittance space.