- TransferMate is fintech’s latest unicorn, having secured $70 million in funding this week and earning a valuation of more than $1 billion.
- TransferMate’s platform enables businesses and individuals to make cross-border payments in more than 201 countries and more than 140 currencies.
- Headquartered in Ireland, TransferMate was founded in 2010.
With a new investment of $70 million, Ireland-based, cross-border B2B payments company TransferMate has become the country’s latest fintech unicorn.
The funding round featured the participation of U.K. pension fund giant Railpen. This week’s funding brings TransferMate’s total capital raised to $130 million and gives the company a valuation of more than $1 billion.
“By combining our technology and our global license network, we empower software providers, banks, and fintechs to deliver payments dramatically faster and cheaper than the traditional SWIFT system,” TransferMate co-founder and Executive Chairman Terry Clune said. “We will use this investment to continue to recruit senior financial talent who can help broaden our customer base.”
A global B2B payments infrastructure-as-a-service company, TransferMate specializes in streamlining, digitizing, and automating the manual operations required in order to facilitate the payments process. Used by banks, software companies, and fintechs alike, TransferMate’s embedded payments technology enables businesses to grow globally and pay locally. The company’s world-class compliance program, powered by a sizable portfolio of payment licences, features embedded security tools to defend against fraud and money laundering, and provides predictive risk assessments and real-time response solutions.
“Our commitment to deliver real-time transparency and speed when businesses are conducting cross border payments has resulted in TransferMate becoming the global B2B payment infrastructure of choice for the world’s leading procure-to-pay and spend management platforms,” TransferMate CEO and co-founder Sinead Fitzmaurice said. “This investment will allow us to accelerate our mission to drive innovation as businesses seek to digitize their B2B payments within the core software that they use to conduct their day-to-day activities.”
Founded in 2010 and headquartered in Kilkenny, Ireland TransferMate is a subsidiary of Clune Technology Group. Last fall, the company announced a partnership with ComplyAdvantage, a specialist in customer onboarding and transaction screening and monitoring.