TransferMate

Last updated

TransferMate
Transfermate-logo-flickr.jpg
Type of site
Private company
Available inMultilingual
Headquarters Kilkenny,
Ireland
No. of locations New York City, Sydney, Austin, Texas.
Area servedGlobally
CEOSinead Fitzmaurice [1]
Services B2B cross border payment solution
Employees185 (Nov 2017) [2]
Parent The Taxback Group
URL www.transfermate.com
RegistrationYes
Launched2008;16 years ago (2008)
Current statusActive

TransferMate is an Irish business-to-business payment technology company which was founded in 2010. [3] The company provides a service to make cross border transfers online, this allows them to receive funds locally and make payments locally with the intention to eliminate the need for intermediary banks and international transfer fees. [4]

It is headquartered in Kilkenny, Ireland, [5] and has other offices in San Francisco, New York and Sydney. [6]

According to the company, as of 2017, over $11 billion had been transferred through TransferMate's Technology. [7] TransferMate's network of payment transfer systems is licensed and regulated in all 50 US states, Canada, Australia, New Zealand and in Europe. [2]

History

TransferMate was launched in 2008 [8] by Terry Clune and Barry Dowling, [9] a company under the Clune Technology Group (Formerly The Taxback Group), which includes 6 other sister companies. [10] Starting in 2008, the company expanded to 185 employees by late 2017. [2] As of 2020, the company's website stated that it had over 1,400 staff working from 22 countries. [10]

Instead of using intermediary banks to make transfers, TransferMate set up their own accounts, with the intent to allow the company to transfer funds through their own banking network. [11] According to the company, TransferMate is regulated in the US, Canada, Australia, New Zealand and Europe. [2]

The company created a FinTech (financial technology) system to allow their customers to make cross border transfers online, [12] this allows them to receive funds locally and make payments locally with the intention to eliminate the need for intermediary banks and international transfer fees. [13] TransferMate’s technology has been incorporated in to other financial systems such as QuickBooks, SAP Concur and Tradeshift. [14] [15] [16]

In November 2017, Allied Irish Banks invested €30m in the organisation. [7]

In July 2018, ING Bank invested €21m, valuing TransferMate at €350m. ING Bank is also a partner, introducing TransferMate payment solutions to ING corporate clients. [17]

Further funding of $70 million, by a UK pension fund, was announced in May 2022. [18] [19] A spokesperson for the company said this additional funding would "allow us to accelerate our mission to drive innovation". [1]

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References

  1. 1 2 "Blog - TransferMate Secures $70m Funding Round". transfermate.com. 23 May 2022. Retrieved 19 August 2022.
  2. 1 2 3 4 "TransferMate makes hard work pay off". independent.ie. Independent News & Media. 26 November 2017.
  3. ↑ "Getting transfers back to basics with TransferMate - The Sunday Business Post". 18 September 2016.
  4. ↑ "EU FinTech Awards TransferMate". 100.fintech.nl.
  5. ↑ "TransferMate invests €15m to facilitate Irish businesses". 9 November 2015.
  6. ↑ "TransferMate hits $5bn mark". Finextra Research. 13 June 2014.
  7. 1 2 "AIB invests €30m in Clune payments firm TransferMate". Independent.ie. Independent News & Media. 19 November 2017.
  8. ↑ "A young company that aims to challenge the big banks worldwide". www.irishtimes.com.
  9. ↑ "TransferMate co-founder to sell his shareholding". www.independent.ie.
  10. 1 2 "Clune Technologies". Clune Technologies.
  11. ↑ "Business Showcase : TransferMate". irishtechnews.net. 21 June 2016.
  12. ↑ "EU FinTech Awards TransferMate". 100.fintech.nl.
  13. ↑ "Business showcase of TransferMate". irishtechnews.net. 7 September 2015.
  14. ↑ "TransferMate invests €15m to facilitate Irish businesses". businessandfinance.com. Business & Finance. Retrieved 9 November 2015.
  15. ↑ McHugh, Robert (3 February 2016). "Irish company TransferMate win Global award". www.businessworld.ie.
  16. ↑ "Transfermate Accreditation". www.bookkeepers.org.uk.
  17. ↑ ING.com (30 July 2018). "ING investment simplifies international payments". ING.com. Retrieved 3 April 2019.
  18. ↑ "TransferMate valued at $1bn in latest funding round - Business Plus". businessplus.ie. 22 May 2022. Retrieved 19 August 2022.
  19. ↑ "TransferMate Secures $70m Funding Round to Accelerate Innovation in B2B Cross-Border Payments and Expand Its Global Presence; Company Valued at $1BN". finance.yahoo.com. Retrieved 19 August 2022.
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