TransferMate finds €21m investment mate in ING
Details were not disclosed, but ING will get a small minority equity stake in the company. TransferMate services will be available to all SME and corporate clients of ING.
Sinead Fitzmaurice, co-founder and CFO of TransferMate, says: “In addition to collaborating with ING, our investment will also focus on expansion of TransferMate into Asia Pacific.”
Using TransferMate’s cross-border API technology and payment licences, this partnership will also “reduce international payments costs and improve cash flow for ING business customers who send or collect funds cross-border”.
The ING investment follows a recent €30 million investment from Allied Irish Banks for growth plans across the US, Canada, Australia and Europe; and brings TransferMate’s total Series A investment to €51 million in the past eight months.
According to TransferMate, it integrates with “20 of the top 20 accounting software systems”. It could have said all of them.
This investment and partnership is subject to final documentation and is expected to be completed in Q3 2018.