Dublin-based TransferMate, a global B2B payments technology company that enables making and receiving payments cheaper, faster, and easier than ever before, has announced a fresh round of investment of $70 million (about €66 million). A pension fund with £37 billion under management took part in the round, including Railpen. TransferMate has built one of the biggest worldwide licencing infrastructures and banking networks in the business and has been selected to enable B2B payments products for some of the world's top software platforms, innovative banks, and Fintechs. This round of investment, which is completely made up of primary capital, will be utilized to grow the company's worldwide staff and spend further on its technological innovation and product suite. TransferMate's founder, Terry Clune, expressed his excitement in welcoming Railpen as a stakeholder at this exciting moment. They enable software vendors, banks, and fintech to make payments substantially quicker and cheaper than the old SWIFT system by combining their technology and worldwide licence network. They'll utilize the money to keep recruiting senior financial professionals who can help them expand their customer base. They've been on a quest to create new standards for how businesses make and receive international payments since the outset. TransferMate has become the worldwide B2B payments infrastructure of choice for the world's leading procure-to-pay and spend management systems due to its dedication to providing real-time transparency and speed when organizations perform cross-border payments. As organizations attempt to digitize their B2B payments into the core software that they use to perform their day-to-day activities, this investment will help them to accelerate their aim to drive innovation. TransferMate is now the world's most complete independent B2B payments network, thanks to this fresh round of funding and a $1 billion valuation. It enables businesses and individuals to make cross-border payments in over 201 countries and 141 currencies as conveniently and cost-effectively as domestic money transfers, with complete transaction transparency all the way to final reconciliation. Railpen is thrilled to be a part of TransferMate's mission to help businesses digitalize their cross-border payments at a low cost. This investment maintains Railpen's long-term strategy of investing in high-quality, creative, growing firms, which supports our goal of securing the future of our members.
About TransferMate:
TransferMate is the world's top supplier of B2B payments infrastructure as a service, allowing businesses to make and receive cross-border payments faster, simpler, and at a lower cost. TransferMate has created one of the biggest portfolios of payments licences in the world, including 51 US states and territories, to facilitate trade in more than 201 countries and 141 currencies, under the guidance of Clune and CEO Sinead Fitzmaurice. Leading banks, fintech companies, and software companies have partnered with TransferMate to give their business clients a better user experience. For banks like ING and AIB, which are also investors in the firm, the company has developed custom connectors. The TransferMate API solution enables partners to digitalize the payment flow within their software, resulting in considerable time and cost benefits for all enterprises.
