ING and TransferMate lay the groundwork for speedy transfers in a post-Brexit world.
European banking giant ING has invested €21m in Dublin and Kilkenny-based fintech player TransferMate.
The investment follows a recent €30m investment from AIB to accelerate growth across the US, Canada, Australia and Europe.
‘ING is a frontrunner in innovation, and TransferMate is delighted to be working with one of the most innovative banks in the world’
– SINEAD FITZMAURICE
The latest investment brings the total Series A investment into the Irish fintech firm to €51m in the past eight months alone.
TransferMate and ING have also agreed to a strategic partnership, where TransferMate services will be available to all SME and corporate clients of the bank.
“This investment and partnership with fintech TransferMate adds to ING’s capability to help customers by saving time and money for international payments,” explained Evelien Witlox, global head of payments and cards at ING.
Speeding up cross-border payments
Using TransferMate’s 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.
Its platform integrates with 20 of the top 20 accounting software systems, providing an end-to-end payment solution for business customers.
“TransferMate provides an integrated platform for importers and exporters to send and collect their funds across the globe,” explained Sinead Fitzmaurice, co-founder and chief financial officer of TransferMate.
“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.”
TransferMate has broad regulatory approval in major markets. Post-Brexit, it will become one of the only EU payment institutions regulated throughout the EU and the US.
“TransferMate partners with the leading banks, fintech and software providers across the globe,” said Terry Clune, co-founder and CEO of TransferMate.
“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.”