Dublin-based TransferMate, a global B2B payments technology startup that enables companies to send and receive payments cheaper, faster, and easier than before, announced on Monday that it has raised $70M (approximately €66M) in a fresh round of funding.
With over $130M of total funding, the B2B payments infrastructure-as-a-service provider has now earned the status of a ‘unicorn’ and currently sits on a valuation of $1B.
The investor
The investment was made by Railpen, one of the UK’s largest and longest established pension funds, whose fintech investments include Starling Bank and Bill.com. Railpen is responsible for the safekeeping and investment of £37B on behalf of the scheme’s 350,000 members.
Julia Diez, portfolio Manager at Railpen, says, “We are excited to be part of TransferMate’s journey as it seeks to enable companies to digitalise their cross-border payments cost-effectively. This investment continues Railpen’s strategy of investing in high quality, innovative growth companies for the long term, which supports our purpose to secure our members’ future.”
Capital utilisation
TransferMate reports that growing its licensing infrastructure and banking network has helped the company to partner and power B2B payments products for some of the largest software platforms, banks and fintechs in the world. With the raised capital, the company will expand its teams globally and further invest in technology innovation and its product suite.
TransferMate’s Founder, Terry Clune, says, “We are delighted to welcome Railpen as a shareholder at this exciting time. By combining our technology and our global licence network, we empower software providers, banks and fintechs to deliver payments dramatically faster and cheaper than the traditional SWIFT system. We will use this investment to continue to recruit senior financial talent who can help broaden our customer base.”
Sinead Fitzmaurice, CEO of TransferMate, adds, “Since the very beginning, we have been on a mission to set new standards in how businesses make and receive international payments. Our commitment to delivering real-time transparency and speed when businesses are conducting cross border payments has resulted in TransferMate becoming the global B2B payments infrastructure of choice for the world’s leading procure-to-pay and spend management platforms. This investment will allow us to accelerate our mission to drive innovation as businesses seek to digitise their B2B payments within the core software that they use to conduct their day-to-day activities.”
A B2B payments infrastructure-as-a-service provider
Founded in 2010 by Terry Clune and Sinead Fitzmaurice, TransferMate, a subsidiary of CluneTech, claims to be the world’s leading provider of B2B payments infrastructure as a service, enabling companies to send and receive cross-border payments faster, easier and at a lower cost.
Banks, fintechs and software providers partner with TransferMate to offer user experience for their business customers around the world. Using TransferMate’s technology and global banking infrastructure, companies benefit from better exchange rates, transparency and improved reconciliation via direct integration into accounting and ERP systems.
The company’s API solution allows partners to digitalise the payment flow within their software, enabling them to achieve significant time and financial savings. The company claims it has created bespoke integrations for banks like ING and AIB, who are also investors in the company.
Currently, TranserMate allows businesses and individuals to make cross-border payments in more than 201 countries and in 141 currencies.
