TransferMate Secures $70m Funding Round to Accelerate Innovation in B2B Cross-Border Payments and Expand Its Global Presence; Company Valued at $1BN
DUBLIN–(BUSINESS WIRE)–TransferMate, the world’s leading provider of B2B payments infrastructure as-a-service, today announced a $70M funding round bringing the company to a valuation of $1BN and $130M of total funding. Railpen, one of the largest UK pension funds, managing £37 billion, participated in the round.
TransferMate has grown its global licensing infrastructure and banking network to be one of the widest in the industry and has been chosen as the partner of choice to power B2B payments products for some of the largest software platforms, innovative banks and Fintechs in the world. This funding round which consists entirely of primary capital will be used to expand its teams globally and further invest in its technology innovation and product suite.
“We are delighted to welcome Railpen as a shareholder at this exciting time,” said Terry Clune, TransferMate’s Founder. “By combining our technology and our global licence network, we empower software providers, banks and fintechs to deliver payments dramatically faster & 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.”
“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 deliver 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,” said Sinead Fitzmaurice, CEO of TransferMate. “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.”
This new round of investment together with the $1BN valuation further sets TransferMate apart as the world’s most comprehensive independent B2B payments network. It allows businesses and individuals to make cross-border payments in more than 201 countries and 141 currencies, as easily and cost-effectively as if making a domestic funds transfer, and with complete transparency of the transaction through to the point of final reconciliation.
“We are excited to be part of TransferMate’s journey as it seeks to enable companies to cost-effectively digitalise their cross-border payments,” said Julia Diez, Portfolio Manager at Railpen. “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.”
The funding round was managed by Barclays Bank PLC, acting through its investment bank.
If you would like to learn more about TransferMate’s infrastructure as a service, please contact us here.
TransferMate – a subsidiary of CluneTech — is 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 lower cost. TransferMate, under the leadership of Clune and CEO Sinead Fitzmaurice, has built one of the largest portfolios of payments licenses worldwide, including 51 US states and territories, to support trading in more than 201 countries and 141 currencies. Leading banks, fintechs and software providers partner with TransferMate to offer an enhanced user experience for their business customers. The company has created bespoke integrations for banks like ING and AIB, who are also investors in the company. The TransferMate API solution allows partners to digitalise the payments flow within their software, enabling all businesses to achieve significant time and financial savings.
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 circa £37 billion on behalf of the scheme’s 350,000 members.
About Barclays Bank PLC
Barclays Bank PLC which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority, is acting for Transfermate only in connection with this funding round.
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