Finance:TransferMate

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Short description: Irish online money transfer service


TransferMate
Transfermate-logo-flickr.jpg
Type of site
Private company
Available inMultilingual
HeadquartersKilkenny,
Ireland
No. of locationsNew York City , Sydney, Austin, Texas .
Area servedGlobally
CEOSinead Fitzmaurice[1]
ServicesB2B cross border payment solution
Employees185 (Nov 2017)[2]
ParentThe Taxback Group
Websitewww.transfermate.com
RegistrationYes
Launched2008; 16 years ago (2008)
Current statusActive

TransferMate is a B2B payments technology which was founded in 2010.[3] It is headquartered in Kilkenny, Ireland,[4] and has other offices in San Francisco, New York and Sydney.[5] According to the company, as of late 2017, over $11 billion had been transferred through TransferMate's Technology.[6] TransferMate's network of payment transfer systems is licensed and regulated in all 50 US states, Canada, Australia, New Zealand and in Europe.[2]

History

TransferMate was launched in 2008[7] by Terry Clune and Barry Dowling,[8] a company under the Clune Technology Group (Formerly The Taxback Group), which includes 6 other sister companies.[9] Starting in 2008, the company expanded to 185 employees by late 2017.[2] As of 2020, the company's website stated that it had over 1,400 staff working from 22 countries.[9]

Instead of using intermediary banks to make transfers, TransferMate set up their own accounts, with the intent to allow the company to transfer funds through their own banking network.[10] According to the company, TransferMate is regulated in the US, Canada, Australia, New Zealand and Europe.[2]

The company created a FinTech (financial technology) system to allow their customers to make cross border transfers online,[11] this allows them to receive funds locally and make payments locally with the intention to eliminate the need for intermediary banks and international transfer fees.[12] TransferMate’s technology has been incorporated in to other financial systems such as QuickBooks, SAP Concur and Tradeshift.[13][14][15]

In November 2017, Allied Irish Banks invested €30m in the organisation.[6]

In July 2018, ING Bank invested €21m, valuing TransferMate at €350m. ING Bank is also a partner, introducing TransferMate payment solutions to ING corporate clients. [16]

Further funding of $70 million, by a UK pension fund, was announced in May 2022.[17][18] A spokesperson for the company said this additional funding would "allow us to accelerate our mission to drive innovation".[1]

Recognition

The company and software won the Big Innovation Award 2016 for Most Innovative Payment Solutions,[19] eirSpiders 2015: Best in Financial Services,[20] 2016 USA-Ireland Research Innovation Award,[21] and Financial Innovation Awards in 2016.[22] Moneyfacts consumer awards 2017: highly commended in Best Consumer Service provider and International Money Transfer Provider of the year.[23] Kilkenny Chamber of Commerece 2017: Overall Winner [24] Fintech 20 Ireland [25] The Germany Trade & Invest Award for International Expansion[26] Stevie Awards: Financial Technology Bronze winner [27] IEA Exporter Awards: High potential Exporter award 2018 [28]

References

  1. ↑ 1.0 1.1 "Blog - TransferMate Secures $70m Funding Round" (in en). 2022-05-23. https://www.transfermate.com/blog/transfermate-secures-70m-funding-round/. 
  2. ↑ 2.0 2.1 2.2 2.3 "TransferMate makes hard work pay off". Independent News & Media. 26 November 2017. https://www.independent.ie/business/irish/transfermate-makes-hard-work-pay-off-36352398.html. 
  3. ↑ "Getting transfers back to basics with TransferMate - The Sunday Business Post". 18 September 2016. https://www.businesspost.ie/getting-transfers-back-to-basics-with-transfermate/. 
  4. ↑ "TransferMate invests €15m to facilitate Irish businesses". 9 November 2015. http://businessandfinance.com/news/transfermate-invests-e15m-to-facilitate-irish-businesses/. 
  5. ↑ "TransferMate hits $5bn mark". Finextra Research. 13 June 2014. https://www.finextra.com/news/announcement.aspx?pressreleaseid=55601&topic=payments. 
  6. ↑ 6.0 6.1 "AIB invests €30m in Clune payments firm TransferMate". Independent News & Media. 19 November 2017. https://www.independent.ie/business/irish/aib-invests-30m-in-clune-payments-firm-transfermate-36332203.html. 
  7. ↑ "A young company that aims to challenge the big banks worldwide". https://www.irishtimes.com/business/financial-services/a-young-company-that-aims-to-challenge-the-big-banks-worldwide-1.1793332. 
  8. ↑ "TransferMate co-founder to sell his shareholding". https://www.independent.ie/business/irish/transfermate-co-founder-to-sell-his-shareholding-36026054.html. 
  9. ↑ 9.0 9.1 "Clune Technologies". https://www.clunetechnology.com/. 
  10. ↑ "Business Showcase : TransferMate". 21 June 2016. https://irishtechnews.ie/business-showcase-transfermate-2/. 
  11. ↑ "EU FinTech Awards TransferMate". http://100.fintech.nl/transfermate-global-payments. 
  12. ↑ "Business showcase of TransferMate". 7 September 2015. http://irishtechnews.ie/business-showcase-transfermate/. 
  13. ↑ "TransferMate invests €15m to facilitate Irish businesses". Business & Finance. http://businessandfinance.com/news/transfermate-invests-e15m-to-facilitate-irish-businesses/. Retrieved 9 November 2015. 
  14. ↑ McHugh, Robert (3 February 2016). "Irish company TransferMate win Global award General, news for Ireland, Innovation,Ireland". www.businessworld.ie. http://www.businessworld.ie/news/Irish-company-TransferMate-win-Global-award-562836.html. 
  15. ↑ "Transfermate Accreditation". https://www.bookkeepers.org.uk/resources/news/software/transfermate-accreditation/a/6751. 
  16. ↑ ING.com (2018-07-30). "ING investment simplifies international payments" (in en-US). https://www.ing.com/Newsroom/All-news/ING-investment-simplifies-international-payments.htm. 
  17. ↑ "TransferMate valued at $1bn in latest funding round - Business Plus" (in en-GB). 2022-05-22. https://businessplus.ie/ma/transfermate-valued-at-1bn-in-latest-finding-round/. 
  18. ↑ "TransferMate Secures $70m Funding Round to Accelerate Innovation in B2B Cross-Border Payments and Expand Its Global Presence; Company Valued at $1BN" (in en-US). https://finance.yahoo.com/news/transfermate-secures-70m-funding-round-050000793.html. 
  19. ↑ "Transfermate makes BIG innovation win in United States". 4 February 2016. http://www.kilkennypeople.ie/news/home/202280/Transfermate-makes-BIG-innovation-win-in.html. 
  20. ↑ "2015 WINNERS - 2016 eir Spiders The Digital Technology Awards- Celebrating its 21st Year". http://eirspiders.ie/2015winners/. 
  21. ↑ "2016 US-Ireland Research Innovation Awards Shortlist Announced". 3 March 2016. https://www.ria.ie/news/grants-and-awards/2016-us-ireland-research-innovation-awards-shortlist-announced. 
  22. ↑ "Winners & Highly Commended 2016". http://fia.libf.ac.uk/winners-2016/winners-2016. 
  23. ↑ "Consumer Awards - 2017 Winners". https://www.moneyfactsgroup.co.uk/awards/ca/winners/2017. 
  24. ↑ "Kilkenny chamber of commerece". 29 November 2017. https://www.kilkennychamber.ie/kilkenny-business-awards-2017-winners/. 
  25. ↑ "Irish Tech News FinTech 20 Ireland Top 20 Companies Announced – Irish Tech News" (in en-US). 26 October 2017. https://irishtechnews.ie/irish-tech-news-fintech-20-ireland-top-20-companies-announced/. 
  26. ↑ Irel, Lean Business (2018-02-12). "National Winners From the Republic of Ireland named at exclusive event in Dublin" (in en-US). https://www.leanbusinessireland.ie/national-winners-republic-ireland-named-exclusive-event-dublin/. 
  27. ↑ "2018 Stevie® Award Winners | Stevie Awards". http://stevieawards.com/sales/2018-stevie%C2%AE-award-winners. 
  28. ↑ "Export Industry Awards Shortlist 2018" (in en-US). https://irishexporters.ie/export-industry-awards-shortlist-2018/. 




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