TransferMate, a Kilkenny, Republic of Ireland-based B2B payments provider, raised €30m in funding.
Allied Irish Banks made the investment – subject to obtaining regulatory approval from the Central Bank of Ireland – taking a small minority equity ownership stake in TransferMate. TransferMate and AIB have also agreed to a strategic partnership focused on providing Irish businesses with international payments and receivables capabilities, via TransferMate’s cross-border technology platform to send or collect funds globally.
Founded in 2010 by Terry Clune, CEO, and Sinead Fitzmaurice, CFO, TransferMate is a cross-border B2B payments provider with broad regulatory approval in major markets. Clients can benefit from direct integration into their back-end accounting systems including Intuit, MYOB, Sage, Netsuite, SAPB1, SAPR3 and Xero.
To date, $10 billion has been sent to over 100 countries through the platform by businesses across the globe.