Partnerships / Acquisitions

TransferMate Acquires Swiss X-Border Payments Co

TransferMate, a cross-border B2B payments provider, announced Tuesday (Dec. 18) that it acquired FX payments company Devisenwerk, a Swiss-based firm, according to TransferMate.

The acquisition will allow TransferMate direct access to one of the most important financial hubs in the world.

Sinead Fitzmaurice, a co-founder and CFO of TransferMate, said the acquisition will be good for continued growth of the company.

“We are delighted to announce this acquisition, which is an important step in the global growth of TransferMate. Devisenwerk is an exciting and innovative young company, which gives us immediate market entry into Switzerland, allowing us to both pay out and collect in a very significant market for corporates,” Fitzmaurice said. “Very few payments companies have direct clearing access to Swiss banks and this acquisition provides that for us.”

Devisenwerk Co-Founder Matthaus Jamroz also said he’s excited about the prospect.

“We are delighted to become part of TransferMate,” he said. “Combining Devisenwerk’s Swiss payments licence with the innovative B2B technology and extensive global regulatory network of TransferMate will provide Swiss businesses with a compelling real-time payment solution when moving money in and out of Switzerland.”

TransferMate has a broad global regulatory footprint, the company said, and full state-by-state license approval in the United States. With its payment technology solution, the company feels it can soothe businesses’ concerns about entering new markets while handling cross-border payments in many different currencies.

Terry Clune, co-founder and CEO of TransferMate, said he is happy to welcome the new company into the fold.

“We are delighted to welcome Devisenwerk’s team to TransferMate,” Clune said. “2018 has been a year of rapid growth for TransferMate, with investment and strategic partnerships with both ING and AIB. TransferMate partners with leading banks, fintech and software providers across the globe to make it cheaper, faster and easier for businesses to make or receive cross border payments.”

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