TransferMate

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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 a B2B payments technology which was founded in 2010. [3] It is headquartered in Kilkenny, Ireland, [4] and has other offices in San Francisco, New York and Sydney. [5] According to the company, as of late 2017, over $11 billion had been transferred through TransferMate's Technology. [6] TransferMate's network of payment transfer systems is licensed and regulated in all 50 US states, Canada, Australia, New Zealand and in Europe. [2]

Contents

History

TransferMate was launched in 2008 [7] by Terry Clune and Barry Dowling, [8] a company under the Clune Technology Group (Formerly The Taxback Group), which includes 6 other sister companies. [9] 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. [9]

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. [10] 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, [11] 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. [12] TransferMate’s technology has been incorporated in to other financial systems such as QuickBooks, SAP Concur and Tradeshift. [13] [14] [15]

In November 2017, Allied Irish Banks invested €30m in the organisation. [6]

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. [16]

Further funding of $70 million, by a UK pension fund, was announced in May 2022. [17] [18] A spokesperson for the company said this additional funding would "allow us to accelerate our mission to drive innovation". [1]

Recognition

The company and software won the Big Innovation Award 2016 for Most Innovative Payment Solutions, [19] eirSpiders 2015: Best in Financial Services, [20] 2016 USA-Ireland Research Innovation Award, [21] and Financial Innovation Awards in 2016. [22] Moneyfacts consumer awards 2017: highly commended in Best Consumer Service provider and International Money Transfer Provider of the year. [23] Kilkenny Chamber of Commerece 2017: Overall Winner [24] Fintech 20 Ireland [25] The Germany Trade & Invest Award for International Expansion [26] Stevie Awards: Financial Technology Bronze winner [27] IEA Exporter Awards: High potential Exporter award 2018 [28]

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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. ↑ "TransferMate invests €15m to facilitate Irish businesses". 9 November 2015.
  5. ↑ "TransferMate hits $5bn mark". Finextra Research. 13 June 2014.
  6. 1 2 "AIB invests €30m in Clune payments firm TransferMate". Independent.ie. Independent News & Media. 19 November 2017.
  7. ↑ "A young company that aims to challenge the big banks worldwide". www.irishtimes.com.
  8. ↑ "TransferMate co-founder to sell his shareholding". www.independent.ie.
  9. 1 2 "Clune Technologies". Clune Technologies.
  10. ↑ "Business Showcase : TransferMate". irishtechnews.net. 21 June 2016.
  11. ↑ "EU FinTech Awards TransferMate". 100.fintech.nl.
  12. ↑ "Business showcase of TransferMate". irishtechnews.net. 7 September 2015.
  13. ↑ "TransferMate invests €15m to facilitate Irish businesses". businessandfinance.com. Business & Finance. Retrieved 9 November 2015.
  14. ↑ McHugh, Robert (3 February 2016). "Irish company TransferMate win Global award". www.businessworld.ie.
  15. ↑ "Transfermate Accreditation". www.bookkeepers.org.uk.
  16. ↑ ING.com (30 July 2018). "ING investment simplifies international payments". ING.com. Retrieved 3 April 2019.
  17. ↑ "TransferMate valued at $1bn in latest funding round - Business Plus". businessplus.ie. 22 May 2022. Retrieved 19 August 2022.
  18. ↑ "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.
  19. ↑ "Transfermate makes BIG innovation win in United States". Kilkennypeople.ie. 4 February 2016.
  20. ↑ "2015 WINNERS - 2016 eir Spiders The Digital Technology Awards- Celebrating its 21st Year". eirspiders.ie.
  21. ↑ "2016 US-Ireland Research Innovation Awards Shortlist Announced". 3 March 2016.
  22. ↑ "Winners & Highly Commended 2016". fia.libf.ac.uk.
  23. ↑ "Consumer Awards - 2017 Winners". www.moneyfactsgroup.co.uk. Retrieved 3 April 2019.
  24. ↑ "Kilkenny chamber of commerece". 29 November 2017.
  25. ↑ "Irish Tech News FinTech 20 Ireland Top 20 Companies Announced – Irish Tech News". 26 October 2017. Retrieved 3 April 2019.
  26. ↑ Irel, Lean Business (12 February 2018). "National Winners From the Republic of Ireland named at exclusive event in Dublin". Lean Business Ireland. Retrieved 3 April 2019.{{cite web}}: |first= has generic name (help)
  27. ↑ "2018 Stevie® Award Winners | Stevie Awards". stevieawards.com. Retrieved 3 April 2019.
  28. ↑ "Export Industry Awards Shortlist 2018". Irish Exporters Association. Retrieved 3 April 2019.
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