TransferMate announces a €21m investment by ING
TransferMate, a leading cross-border B2B payments technology solution, in July announced a €21 million investment from ING Group N.V. (“ING”), one of Europe’s leading banks, for a small minority equity stake in the Company.
TransferMate and ING have also agreed to a strategic partnership, where TransferMate services will be available to all SME and corporate clients of ING. Using TransferMate’s award-winning cross-border API technology and global payment licences, this partnership will reduce international payments costs and improve cash flow for ING business customers who send or collect funds cross-border.
The ING investment follows a recent €30 million investment from Allied Irish Banks to accelerate growth across the USA, Canada, Australia and Europe; and brings the total Series A investment into the Irish fintech firm to €51 million in the past 8 months alone.
Terry Clune, co-founder and CEO of TransferMate said: “TransferMate partners with the leading banks, fintech and software providers across the globe. Working together, we make it cheaper, faster and easier for businesses to make or receive cross border payments. TransferMate has built a unique technology platform and we are delighted to welcome ING as an investor and partner to help eliminate costly friction points for business customers.”
Sinead Fitzmaurice, co-founder and CFO of TransferMate added: “TransferMate provides an integrated platform for importers and exporters to send and collect their funds across the globe. This greatly improves working capital, and eliminates administration for companies. 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.”
Evelien Witlox, Global Head of Payments and Cards of ING commented: “ING is dedicated to offering seamless payment solutions and freedom of choice to its customers. This investment and partnership with fintech TransferMate adds to ING’s capability to help customers by saving time and money for international payments. The solution will become available to all SME and corporate clients of ING. The partnership perfectly fits our innovation strategy and we look forward to offering this service together.”
TransferMate has built one of the financial industry’s most extensive networks of payment licences, and partners with banks, fintech and software providers. TransferMate integrates with 20 of the top 20 accounting software systems, providing an end-to-end payment solution for business customers.
Perella Weinberg Partners LP served as the exclusive strategic and financial advisor to TransferMate for this transaction, with A&L Goodbody serving as legal counsel. Financial Technology Partners LP and ING FI Capital Structuring and Advisory team served as the exclusive strategic and financial advisor to ING for this transaction, with McCann FitzGerald serving as legal counsel.
This investment and partnership is subject to final documentation and is expected to be completed in 3Q 2018.