- TransferMate, which is a big name in the online money transfer sector, is now valued at US$1bn – leading to it being able to claim the prestigious unicorn status.
- The development comes after a funding round in which it was given an injection of US$70m, reports said.
- “This investment will allow us to accelerate our mission to drive innovation as businesses seek to digitise their B2B payments within the core software that they use to conduct their day-to-day activities,” said TransferMate’s chief executive officer Sinead Fitzmaurice.
TransferMate, which is a leading name in the online money transfer sector, has announced that it has achieved unicorn status after raising US$70m in its latest funding round.
This means that its total valuation now rests at around US$1bn – leading to it being able to claim unicorn status.
Overall, the company has received around US$130m in funding boosts.
The news comes after it took on a new shareholder as part of the funding move.
This shareholder is Railpen, and it is a major UK pension fund.
Terry Clune, who is the founder of TransferMate, said that the company was very pleased to be bringing Railpen.
He added that TransferMate had a number of benefits under its belt, including a global licensing network as well as a big array of technology services.
“By combining our technology and our global licence network, we empower software providers, banks and fintechs to deliver payments dramatically faster and cheaper than the traditional SWIFT system,” he explained.
The firm’s chief executive officer, Sinead Fitzmaurice, emphasised the company’s commitment to transparent dealings and fast turnaround times and said that many companies now choose to use TransferMate for their online money transfer business.
“Our commitment to deliver real-time transparency and speed when businesses are conducting cross-border payments has resulted in TransferMate becoming the global B2B payments infrastructure of choice for the world’s leading procure-to-pay and spend management platforms,” she explained.
She also explained what the new, incoming investment might allow the company to do in the future.
“This investment will allow us to accelerate our mission to drive innovation as businesses seek to digitise their B2B payments within the core software that they use to conduct their day-to-day activities,” she said.
The move comes at an exciting time for the payments company after it was recently announced as the official team partner of Formula One team Haas.
TransferMate is just one firm in this innovative and exciting sector – to learn more about other international money transfer organisations, just head over to this link and read some reviews.
