TransferMate co-founders Sinead Fitzmaurice and Terry Clune
Kilkenny-based company TransferMate, the world’s leading cross-border B2B payments provider, has secured a €30 million investment from AIB for a small minority equity ownership stake in the company.
TransferMate was founded in 2010 with the mission of providing businesses with a faster, cheaper and easier solution for sending or receiving funds globally. In seven years, it has secured one of the financial industry’s widest regulatory footprints and developed integrated payment solutions with the world’s top accounting software platforms.
The new investment values the Kilkenny-based company at €250-300 million, according to one source.
TransferMate and AIB have also agreed to a strategic partnership focused on providing Irish businesses with world-leading international payments and receivables capabilities, by taking advantage of TransferMate’s cross-border technology platform to send or collect funds globally. The collaboration aims to decrease international payments costs for business customers, improve cash flow for businesses with international supply chains and customers, and enhance payments transparency.
“Cross-border B2B payments can be complex, time-consuming and expensive for businesses," says Terry Clune, co-founder and CEO of TransferMate.
"At TransferMate, we aim to provide the most convenient and cost-effective way for businesses to move money around the globe. B2B payments represent 98% of the $138 trillion of currencies traded annually cross-border. TransferMate has built a unique technology platform and we are delighted to welcome AIB as an investor and partner.
"With this investment we will expand our commercial teams across the USA, Canada, Australia and Europe, whilst growing our head office, commercial and technology functions in Ireland. This partnership is a great example of how a leading bank and a FinTech company can work together to improve their customers’ experiences.”
Sinead Fitzmaurice, co-founder and CFO of TransferMate, said a significant amount of time and capital had been spent building the company's unique technology, infrastructure and global regulatory footprint.
"Providing a unified technology platform for exporters to electronically send their invoices across the globe whilst providing the functionality to collect those funds domestically dramatically improves customer experience for exporting companies and their importing customers," she said.
"Our partnership with AIB aims to combine the bank’s forward-looking digital strategy with our technology and global reach to bring business customers of the bank a truly convenient and cost-effective solution when sending or collecting funds globally. We are immensely proud to announce our first banking collaboration in our home market.”
TransferMate has broad regulatory approval in major markets, and post-Brexit, it will become the only EU Payment Institution regulated throughout the EU and United States. TransferMate has also continued to add to its senior management, appointing Gary Conroy, the former MD of Realex payments, as Chief Commercial Officer and Rafael de la Vega, former Director of Global Partnerships at Intuit in Silicon Valley, as North American Board advisor.
This investment is subject to obtaining regulatory approval from the Central Bank of Ireland.