- TransferMate is an Irish company that offers cross-border B2B payments
- ING tells media that TransferMate will provide faster, cheaper payments for small businesses
- International money transfers without B2B payment fees
Irish cross-border B2B payments specialist TransferMate has sold some of its shares to Dutch finance giant ING. The shares are worth a whopping €21m, according to reports. The money coming from ING is only a portion of TransferMate’s total funding of €51m – an amount that was raised by the company over the past eight months.
Since its launch in 2010, the Kilkenny-based firm has built a good reputation in the international wire transfer industry. Global payments through TransferMate are available in 117 currencies in 145 countries, and businesses making B2B payments don’t have to worry about payment fees as they don’t exist.
According to ING, TransferMate will provide small to medium-sized enterprises and corporate clients with better payment solutions. A press release from the group described TransferMate’s payment services as “faster, cheaper and easier”.
Evelien Witlox, the Global Head of Payments and Cards at ING said: “ING is dedicated to offering seamless payment solutions and freedom of choice to its customers. This investment and partnership adds to ING’s capability of helping customers to save time and money for international payments.”
TransferMate CFO and co-founder Sinead Fitzmaurice is rather pleased with the new development as well:
“ING is a frontrunner in innovation, and TransferMate is delighted to be working with one of the most innovative banks in the world. In addition to collaborating with ING, our investment will also focus on expansion of TransferMate into Asia-Pacific and we look forward to continuing to execute on our global expansion plans.”
Aside from providing faster wire transfer services that are relatively more affordable than other international money transfer solutions, TransferMate transactions can be “fully integrated with your accounting and ERP systems,” according to the Irish company’s website. It is also easier to receive money from international partners as TransferMate has a request payment feature, offers real-time exchange rates, and funds are transferred in the receiving party’s currency of choice.
For more information about international B2B payments, take a look at this link here.