Recently, Temporal Graph Neural Networks (TGNNs), as an extension of Graph Neural Networks, have demonstrated remarkable effectiveness in handling dynamic graph data. Distributed TGNN training requires efficiently tackling temporal dependency, which often leads to excessive cross-device communication that generates significant redundant data. However, existing systems are unable to remove the redundancy in data reuse and transfer, and suffer from severe communication overhead in a distributed setting. This work introduces Sven, a co-designed algorithm-system library aimed at accelerating TGNN training on a multi-GPU platform. Exploiting dependency patterns of TGNN models, we develop a redundancy-free graph organization to mitigate redundant data transfer. Additionally, we investigate communication imbalance issues among devices and formulate the graph partitioning problem as minimizing the maximum communication balance cost, which is proved to be an NP-hard problem. We propose an approximation algorithm called Re-FlexBiCut to tackle this problem. Furthermore, we incorporate prefetching, adaptive micro-batch pipelining, and asynchronous pipelining to present a hierarchical pipelining mechanism that mitigates the communication overhead. Sven represents the first comprehensive optimization solution for scaling memory-based TGNN training. Through extensive experiments conducted on a 64-GPU cluster, Sven demonstrates impressive speedup, ranging from 1.9x to 3.5x, compared to state-of-the-art approaches. Additionally, Sven achieves up to 5.26x higher communication efficiency and reduces communication imbalance by up to 59.2%.