TransferMate, a Kilkenny, Ireland-based provider of a cross-border B2B payments technology solution, received a €21m investment from ING Group N.V., for a small minority equity stake in the company.
The two companies have also agreed to a strategic partnership, where TransferMate services will be available to all SME and corporate clients of ING. Using TransferMate’s cross-border API technology and global payment licences, this partnership will reduce international payments costs and improve cash flow for ING business customers who send or collect funds cross-border.
The ING investment follows a recent €30m investment from Allied Irish Banks to accelerate growth across the USA, Canada, Australia and Europe; and brings the total Series A investment into the Irish fintech firm to €51m in the past 8 months alone.
Led by Terry Clune, CEO, and Sinead Fitzmaurice, CFO, TransferMate provides an integrated platform for importers and exporters to send and collect their funds across the globe. The company, which has built a large portfolio of payment licences worldwide, including licences in all 50 US States, offers local ACH in over 145 countries, and partners with banks, fintech and software providers to offer an enhanced user experience for business customers.
TransferMate integrates with 20 of the top 20 accounting software systems, providing an end-to-end payment solution for business customers.