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Transfast

Full company profile

uuid00085xg

Namestring
Transfast
Websiteurl
global.transfast.com
Company typeenum
Private
Founded yearint
1988
Short descriptiontext

Transfast is a New York-based private remittance company founded in 1988 that provides international money transfer services, targeting cost-conscious cross-border senders with a stated lowest-cost market positioning across multiple global corridors.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
501–1,000
akta.pro rankint
HeadquartersNew York, United States
HQ citystring
New York
HQ countrystring
United States
HQ regionstring
North America
Markets served

Serves global market

Keyword5 values
cross-border remittance, money transfer services, international wire transfers, remittance payments, foreign exchange transfers
Industry2 codes
1Remittance & Cross-Border Payment Rails (SWIFT, Local Clearing, RTP Connectivity)
CodeFSAGAKAHPrimaryYes
2International Wire Transfer Processing (SWIFT/Correspondent Banking)
CodeFSAMAHABPrimaryNo
Product category
Money Remittance Services
Social media profiles3 records
Cost components5 values
Personnel, Operations, Technology or R&D, Marketing or Sales, Others
GTM typeB2C
B2C
Offering typeServices
Services
Core offering1 text field

Transfast operates as a money transfer company that offers cross-border remittance services, enabling customers to send money internationally. The company's offering is positioned as a lowest-cost remittance service, targeting individuals and others who need affordable international money transfer capabilities.

Differentiator
Functional benefit
Problem solved
Product and service1 record
1International Money Transfer / Remittance Service
CategoryMoney Remittance Services
Description

Cross-border remittance service enabling customers to send money internationally, positioned as the lowest-cost remittance offering in the market. Targeted at individuals and others needing affordable international money transfers.

No data
Peers10 records
1Xoom (PayPal)
TypeBroad incumbent
Description

Xoom is PayPal's cross-border money transfer service, offering digital remittances to 160+ countries. It is comparable as a remittance product within a broader incumbent payments platform competing in the same corridors as Transfast.

2MoneyGram
TypeDirect peer
Description

MoneyGram is a major US-headquartered cross-border P2P money transfer company with extensive agent and digital rails. It competes head-to-head with Transfast in price-sensitive migrant remittance corridors, particularly US-LATAM and US-Asia.

3Remitly
TypeDirect peer
Description

Remitly is a US-based digital remittance fintech serving immigrant corridors via mobile and web. It competes with Transfast on the same customer base (diaspora senders) using a digital-first, low-cost model.

4Sendwave
TypeDirect peer
Description

Sendwave (owned by Zepz) is a mobile-first remittance app focused on African and Asian corridors with zero-fee transfers. It is comparable to Transfast as a low-cost digital remittance alternative for diaspora senders.

5Ria Money Transfer
TypeDirect peer
Description

Ria (owned by Euronet Worldwide) is a global remittance operator with a large agent network. It competes directly with Transfast in cash-pickup and bank-deposit remittance corridors worldwide.

6WorldRemit
TypeDirect peer
Description

WorldRemit is a UK-based digital remittance company serving migrant senders with mobile money, bank deposit, and cash payout options. It targets the same diaspora customer base as Transfast with a digital-first model.

7Wise
TypeDirect peer
Description

Wise (formerly TransferWise) is a UK-headquartered cross-border payments platform offering mid-market FX and low-fee transfers. It is directly comparable as a price-disruptive remittance and multi-currency transfer provider.

8Paysend
TypeEmerging player
Description

Paysend is a UK-based digital remittance and card-to-card cross-border payments provider. It competes in similar corridors with a low-cost, app-based model targeting diaspora senders, positioning it as an emerging challenger to Transfast.

9Western Union
TypeDirect peer
Description

Western Union is the largest global money transfer operator with an agent network spanning 200+ countries. It is directly comparable to Transfast as both compete in cross-border consumer remittance on price, payout options, and corridor coverage.

10Revolut
TypeBroad incumbent
Description

Revolut is a UK-based neobank offering multi-currency accounts and cross-border transfers. It is comparable to Transfast as a broader fintech incumbent expanding into remittance and FX services, especially across European and UK-US corridors.

Market position
Customer concentration

Classification, Details

Ideal customer profile1 record

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles1 record

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

No data
No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds2 records

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors2 records

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Transfast

Money Remittance Servicesglobal.transfast.com

Transfast is a New York-based private remittance company founded in 1988 that provides international money transfer services, targeting cost-conscious cross-border senders with a stated lowest-cost market positioning across multiple global corridors.

Transfast firmographics

Firmographics
Name
Transfast
Website
https://global.transfast.com
Company type
Private
Founded year
1988
Operating status
Operating
Headcount range
501–1,000 employees
Short description
Transfast is a New York-based private remittance company founded in 1988 that provides international money transfer services, targeting cost-conscious cross-border senders with a stated lowest-cost market positioning across multiple global corridors.
Ownership category
akta.pro rank

Transfast industry classification

Industry
Product category
Money Remittance Services
akta.pro primary industry
Remittance & Cross-Border Payment Rails (SWIFT, Local Clearing, RTP Connectivity) (FSAGAKAH)
akta.pro secondary industry
International Wire Transfer Processing (SWIFT/Correspondent Banking) (FSAMAHAB)

Keywords

  • Cross-border remittance
  • Money transfer services
  • International wire transfers
  • Remittance payments
  • Foreign exchange transfers

Where Transfast is headquartered

Location

Headquarters

HQ city
New York
HQ country
United States
HQ region
North America

Markets served

Transfast business model

Business model
GTM type
B2C
Offering type
Services
Cost components
Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Transfast product offering

Product offering

Core offering

Transfast operates as a money transfer company that offers cross-border remittance services, enabling customers to send money internationally. The company's offering is positioned as a lowest-cost remittance service, targeting individuals and others who need affordable international money transfer capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

  • International Money Transfer / Remittance Service Cross-border remittance service enabling customers to send money internationally, positioned as the lowest-cost remittance offering in the market. Targeted at individuals and others needing affordable international money transfers.

Companies that use Transfast

Customer profile

Ideal customer profiles1 record

Transfast technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Transfast competitors and assessment

Company assessment

Broad incumbents

  • Xoom (PayPal): Xoom is PayPal's cross-border money transfer service, offering digital remittances to 160+ countries. It is comparable as a remittance product within a broader incumbent payments platform competing in the same corridors as Transfast.
  • Revolut: Revolut is a UK-based neobank offering multi-currency accounts and cross-border transfers. It is comparable to Transfast as a broader fintech incumbent expanding into remittance and FX services, especially across European and UK-US corridors.

Direct peers

  • MoneyGram: MoneyGram is a major US-headquartered cross-border P2P money transfer company with extensive agent and digital rails. It competes head-to-head with Transfast in price-sensitive migrant remittance corridors, particularly US-LATAM and US-Asia.
  • Remitly: Remitly is a US-based digital remittance fintech serving immigrant corridors via mobile and web. It competes with Transfast on the same customer base (diaspora senders) using a digital-first, low-cost model.
  • Sendwave: Sendwave (owned by Zepz) is a mobile-first remittance app focused on African and Asian corridors with zero-fee transfers. It is comparable to Transfast as a low-cost digital remittance alternative for diaspora senders.
  • Ria Money Transfer: Ria (owned by Euronet Worldwide) is a global remittance operator with a large agent network. It competes directly with Transfast in cash-pickup and bank-deposit remittance corridors worldwide.
  • WorldRemit: WorldRemit is a UK-based digital remittance company serving migrant senders with mobile money, bank deposit, and cash payout options. It targets the same diaspora customer base as Transfast with a digital-first model.
  • Wise: Wise (formerly TransferWise) is a UK-headquartered cross-border payments platform offering mid-market FX and low-fee transfers. It is directly comparable as a price-disruptive remittance and multi-currency transfer provider.
  • Western Union: Western Union is the largest global money transfer operator with an agent network spanning 200+ countries. It is directly comparable to Transfast as both compete in cross-border consumer remittance on price, payout options, and corridor coverage.

Emerging players

  • Paysend: Paysend is a UK-based digital remittance and card-to-card cross-border payments provider. It competes in similar corridors with a low-cost, app-based model targeting diaspora senders, positioning it as an emerging challenger to Transfast.

Market position

Customer concentration

Transfast social profiles

Digital presence

Transfast financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Transfast leadership team

Management profile

Number of profiles

Profiles1 record

Transfast funding detail

Funding detail

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Transfast M&A and investment

M&A and investment

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Transfast

What does Transfast do?

Transfast operates as a money transfer company that offers cross-border remittance services, enabling customers to send money internationally. The company's offering is positioned as a lowest-cost remittance service, targeting individuals and others who need affordable international money transfer capabilities.

When was Transfast founded?

Transfast was founded in 1988. It employs 501 to 1,000 people.

Where is Transfast based?

Transfast is headquartered in New York, United States, in the North America region.

Who are Transfast's main competitors?

Broad incumbents on record are Xoom (PayPal) and Revolut. Direct peers are MoneyGram, Remitly, Sendwave, Ria Money Transfer, WorldRemit, Wise and Western Union. Paysend is listed as an emerging player.

Does Transfast have an API?

No public API is recorded for Transfast.

What industry is Transfast in?

Transfast's product category is Money Remittance Services. Its primary akta.pro industry code is FSAGAKAH, Remittance & Cross-Border Payment Rails (SWIFT, Local Clearing, RTP Connectivity), with a secondary code of FSAMAHAB, International Wire Transfer Processing (SWIFT/Correspondent Banking).

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Live signals
American Banker9 transformative fintech deals of 2019The article reviews nine major fintech M&A deals that shaped the payments industry in 2019, including Fiserv's $22 billion acquisition of First Data, FIS's $43 billion acquisition of Worldpay, and Global Payments' $21.5 billion merger with TSYS. Visa acquired Earthport for $320 million while rival Mastercard bought Nets for $3.19 billion and Transfast; PayPal spent $4 billion on Honey, Google acquired Fitbit for $2.1 billion, and Ant Financial bought WorldFirst for $700 million. The article also notes smaller divestitures by Western Union, Hallmark Cards, and Square as companies streamlined focus, with the sector collectively spending over $100 billion on acquisitions in 2019.ForbesMastercard’s Recent Acquisitions Key To Future Revenue Growth In Fiercely Competitive Payment IndustryMastercard has been actively acquiring companies to expand its product offerings and strengthen its technological capabilities, including Ethoca, Vyze, Transactis, and Transfast, among others. These acquisitions aim to enhance fraud prevention, retail financing, bill payment solutions, and real-time cross-border payment services.FinSMEsMastercard Completes Acquisition of TransfastMastercard completed its acquisition of Transfast, a global cross-border payments network provider. The deal, originally declared on March 8, 2019, strengthens Mastercard's payment solutions and global network, enabling partner banks to service cross-border transactions. Transfast, led by Samish Kumar, serves over 125 countries with 800 employees.FinSMEsMastercard to Acquire TransfastMastercard will acquire Transfast, a NYC-based cross-border account-to-account money transfer network, with GCP Capital Partners as the seller. Financial terms were not disclosed, and the deal is expected to close in the second half of 2019. The acquisition will expand Mastercard's cross-border capabilities and complement its payment solutions.PR NewswireTRANSFAST Ties Up with Indonesia Post Office for RemittancesTransfast, a money transfer services company operating in over 125 countries, has partnered with POS Indonesia, the state-owned postal service and one of Indonesia's largest remittance providers, to enable worldwide Indonesians to send money to recipients in Indonesia. The partnership allows funds to be collected at any POS Indonesia location across the country. Both companies stated the service will expand financial inclusion and bring more money transfer options to customers.PR NewswireTransfast ties up with State Bank of India for RemittancesTransfast, a remittance solutions provider, announced a partnership with State Bank of India (SBI) to enable the Indian diaspora in the United States to send money transfers directly to Indian bank accounts. The direct integration leverages SBI's technology platform to provide faster transactions and enhanced traceability for remittances from the U.S. to India, a corridor that accounted for nearly US$11 billion in 2016 according to World Bank data. The partnership aims to expand access to even remote areas of India and strengthen service offerings for the approximately 2.4 million Indian immigrants residing in the United States.PR NewswireTransfast CEO to Speak at North Africa's Seamless FinTech ConferenceTransfast CEO Samish Kumar is scheduled to speak at the Seamless North Africa FinTech conference in Cairo, Egypt, on February 7. He will address over 1,000 executives on trends in cross-border repayments and share Transfast's experience in developing scalable digital payment platforms for the MENA region.PR NewswireTransfast Partners with Nigeria's Arik Air International, Launches 'Win a Trip Home' Promotion for the Holiday SeasonGlobal funds transfer company Transfast announced a partnership with Nigeria's Arik Air International to launch a holiday promotion offering one Transfast customer in the U.S. or Canada a free round-trip ticket to Nigeria each week through January 6, 2017. Grand prize winners receive a New York-to-Nigeria round-trip ticket plus a $500 Amazon gift card, while weekly runners-up receive $100 Amazon gift cards. The promotion follows Transfast's recent partnership with Uber and is part of the company's broader strategy to add customer value through partnerships, with Arik Air being West Africa's largest airline.PR NewswireUber Partners With Transfast, Launches 'Free Ride' PromotionTransfast, a global funds transfer provider, announced a partnership with Uber on October 13, 2016, offering free Uber rides to first-time riders who send or receive money transfers to 12 participating countries. The promotion, running until November 30, 2016, covers India, Nigeria, the Philippines, UAE, Bangladesh, Indonesia, Mexico, Pakistan, China, Vietnam, Canada, and the United States. Both companies described the partnership as part of their broader strategies to expand customer bases and provide added value, with Uber's General Manager for West Africa noting it as a straightforward decision to reach new users.PR NewswireTransfast Continues Global Growth With Office Openings in London and Tampa, FLTransfast announced the opening of new offices in London and Tampa, FL to expand its global operational footprint. The company stated that these locations will strengthen its presence in key financial markets and centralize its U.S. operations.