Cross-border B2B payments company TransferMate announced news on Monday (Nov. 20) that it secured equity investment from Allied Irish Banks.
In an announcement emailed to PYMNTS, TransferMate said it received more than $35 million, with the investment seeing Allied Irish Banks (AIB) taking a minority stake in the company as a result. TransferMate also said that AIB will join the company in a strategic partnership to link Irish businesses with international B2B payments services provided by TransferMate.
The firm said it focuses on reducing the cost of cross-border payments for its corporate users, as well as boosting cash flow management performance. So far, TransferMate said it has facilitated the movement of $10 billion in international B2B payments since its launch in 2010.
“Cross-border B2B payments can be complex, time-consuming and expensive for businesses,” said the firm’s Co-Founder and CEO Terry Clune in a statement. “At TransferMate, we aim to provide the most convenient and cost-effective way for businesses to move money around the globe.”
“B2B payments represent 98 percent of the $138 trillion of currencies traded annually cross-border,” Clune continued. “TransferMate has built a unique technology platform, and we are delighted to welcome AIB as an investor and partner. With this investment, we will expand our commercial teams across the USA, Canada, Australia and Europe, whilst growing our head office, commercial and technology functions in Ireland. This partnership is a great example of how a leading bank and a FinTech company can work together to improve their customers’ experiences.”
“Our partnership with AIB aims to combine the bank’s forward-looking digital strategy with our technology and a global reach to bring business customers of the bank a truly convenient and cost-effective solution when sending or collecting funds globally,” added TransferMate Co-Founder and CFO Sinead Fitzmaurice in another statement.
“This €30 million [about $35 million] investment demonstrates our commitment to deploying our capital and expertise in support of leading enterprises, such as TransferMate,” noted AIB Managing Director of Wholesale, Institutional and Corporate Banking Colin Hunt.