Led · Equity · Nov 2017

TransferMate provides B2B payments infrastructure as a service, offering an API and a global licensing and banking network that supports payments in more than 201 countries and 141 currencies. The company has built one of the largest portfolios of payments licences worldwide, including coverage across 51 US states and territories. TransferMate partners with banks, fintechs and software platforms to embed cross-border payments into core workflows and has created bespoke integrations with banks such as ING and AIB. The business plans to use new capital to expand teams globally, recruit senior financial talent, and continue investing in technology and its product suite. Financially, the company announced a $70M funding round that brings its valuation to $1B and raises its total funding to $130M. TransferMate offers an integrated cross-border payments platform for importers and exporters, built around a cross-border API and a large portfolio of global payment licences. Its licences include authorization in all 50 US states and it provides local ACH in over 145 countries. The company integrates with 20 of the top 20 accounting software systems and partners with banks, fintechs and software providers to deliver an end-to-end payment solution. TransferMate plans to accelerate growth across the USA, Canada, Australia and Europe, supported by recent funding. Financially, it has raised €51m in Series A funding in the past eight months, including recent investments from Allied Irish Banks and ING Group. The company is led by CEO Terry Clune and CFO Sinead Fitzmaurice. TransferMate provides a cross-border B2B payments platform that enables businesses to send and collect funds globally. Founded in 2010 by Terry Clune (CEO) and Sinead Fitzmaurice (CFO), the company is based in Kilkenny, Republic of Ireland. It holds broad regulatory approval in major markets and offers direct integrations with back-end accounting systems including Intuit, MYOB, Sage, NetSuite, SAPB1, SAPR3 and Xero. To date, businesses have sent $10 billion to over 100 countries through TransferMate's platform. The company has entered a strategic partnership with Allied Irish Banks to provide Irish businesses with international payments and receivables capabilities via its technology. Allied Irish Banks has agreed to invest in the company, subject to regulatory approval from the Central Bank of Ireland.