Worth surges 18pc as payments partnership struck with European giant ING
TransferMate has agreed a major investment deal and strategic partnership with Dutch bank ING that values the Kilkenny payments company at €350m.
ING, one of Europe’s biggest banks, has acquired a small minority equity stake in TransferMate in exchange for a €21m investment into the rapidly-growing business. Central to the deal is a new pan-European payments partnership, which will see TransferMate handle international payments across all ING business customers.
Last year, AIB agreed a similar partnership with TransferMate for €30m. The ING deal sees TransferMate ‘s value rise 18pc compared to where the AIB deal valued it just eight months ago.
“ING is a global leader in innovation and digital banking,” said TransferMate co-founder and chief executive Terry Clune. “TransferMate has built a unique technology platform and we are delighted to welcome ING as an investor and partner,” he told the Sunday Independent.
The Kilkenny firm was founded in 2010 and is part of Clune’s Taxback Group. It has built a technology and regulatory platform that integrates with accountancy software to allow corporate clients to transfer money internationally more quickly and for lower fees than standard international bank transfers by using a global network of domestic bank accounts.
“TransferMate provides a unified technology platform for exporters to collect their funds across the globe domestically, which greatly improves working capital, and eliminates administration for companies,” said Sinead Fitzmaurice, co-founder and chief financial officer.
“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.”
“ING is dedicated to offering seamless payment solutions and freedom of choice to its customers,” said Evelien Witlox, its Global Head of Payments & Cards.
“This investment and partnership with fintech TransferMate adds to ING’s capability to help customers save time and money making international payments.
“The solution will become available to all SME customers and corporate clients of ING. The partnership perfectly fits our innovation strategy and we look forward to offering this service together.”