Transfermate, a cross-border business pay tech company, has announced a €21 million (£18.7 million) investment that came from ING. It comes in exchange for a minority equity stake in the firm. The new investment now values the payments company at €350 million.
The said investment takes the series A fundraising round of Transfermate to a total of €51 million, after a €30 million raise that came from Allied Irish Banks at the end of last year.
Transfermate is set to also provide international payment services to all small and mid-sized enterprise and corporate clients of ING as part of the said deal. The series A of the tech company is dedicated to accelerating the firm’s growth across Europe, Canada, the United States of America, and the Asian Pacific region.
Transfermate was founded in 2009 and its headquarters is located in Kilkenny, Ireland. It holds an extensive network of payment licences all over the world, including those that are in all 50 of the states of the United States.
This enables the company to lessen the cost of international payments between businesses, utilising its automated clearing houses in more than 145 countries in order to transfer funds via its own banking network.
The investment is anticipated to close during the third quarter of this year and it will be subject to final documentation and approval from the regulators.
Terry Clune, the chief executive of the company, said that the fintech is “delighted” to welcome ING as one of their investors and partners, with Evelien Witlox, the Global Head of Payments & Cards of ING, saying that the new partnership “perfectly fits” the innovation strategy of their company.
Witlox added: “ING is dedicated to offering seamless payment solutions and freedom of choice to its customers.”
She continued: “This investment and partnership with fintech TransferMate adds to ING’s capability to help customers save time and money making international payments.