Summary
TransferMate is a B2B payments technology which was founded in 2010.[3] It is headquartered in Kilkenny, Ireland,[4] and has other offices in San Francisco, New York and Sydney.[5] According to the company, as of late 2017, over $11 billion had been transferred through TransferMate's Technology.[6] TransferMate's network of payment transfer systems is licensed and regulated in all 50 US states, Canada, Australia, New Zealand and in Europe.[2]
 | |
Type of site | Private company |
|---|---|
| Available in | Multilingual |
| Headquarters | Kilkenny, |
| No. of locations | New York City, Sydney, Austin, Texas. |
| Area served | Globally |
| CEO | Sinead Fitzmaurice[1] |
| Services | B2B cross border payment solution |
| Employees | 185 (Nov 2017)[2] |
| Parent | The Taxback Group |
| URL | www.transfermate.com |
| Registration | Yes |
| Launched | 2008 |
| Current status | Active |
History edit
TransferMate was launched in 2008[7] by Terry Clune and Barry Dowling,[8] a company under the Clune Technology Group (Formerly The Taxback Group), which includes 6 other sister companies.[9] Starting in 2008, the company expanded to 185 employees by late 2017.[2] As of 2020, the company's website stated that it had over 1,400 staff working from 22 countries.[9]
Instead of using intermediary banks to make transfers, TransferMate set up their own accounts, with the intent to allow the company to transfer funds through their own banking network.[10] According to the company, TransferMate is regulated in the US, Canada, Australia, New Zealand and Europe.[2]
The company created a FinTech (financial technology) system to allow their customers to make cross border transfers online,[11] this allows them to receive funds locally and make payments locally with the intention to eliminate the need for intermediary banks and international transfer fees.[12] TransferMate’s technology has been incorporated in to other financial systems such as QuickBooks, SAP Concur and Tradeshift.[13][14][15]
In November 2017, Allied Irish Banks invested €30m in the organisation.[6]
In July 2018, ING Bank invested €21m, valuing TransferMate at €350m. ING Bank is also a partner, introducing TransferMate payment solutions to ING corporate clients. [16]
Further funding of $70 million, by a UK pension fund, was announced in May 2022.[17][18] A spokesperson for the company said this additional funding would "allow us to accelerate our mission to drive innovation".[1]
Recognition edit
The company and software won the Big Innovation Award 2016 for Most Innovative Payment Solutions,[19] eirSpiders 2015: Best in Financial Services,[20] 2016 USA-Ireland Research Innovation Award,[21] and Financial Innovation Awards in 2016.[22] Moneyfacts consumer awards 2017: highly commended in Best Consumer Service provider and International Money Transfer Provider of the year.[23] Kilkenny Chamber of Commerece 2017: Overall Winner [24] Fintech 20 Ireland [25] The Germany Trade & Invest Award for International Expansion[26] Stevie Awards: Financial Technology Bronze winner [27] IEA Exporter Awards: High potential Exporter award 2018 [28]
References edit
- ^ a b "Blog - TransferMate Secures $70m Funding Round". transfermate.com. 23 May 2022. Retrieved 19 August 2022.
- ^ a b c d "TransferMate makes hard work pay off". independent.ie. Independent News & Media. 26 November 2017.
- ^ "Getting transfers back to basics with TransferMate - The Sunday Business Post". 18 September 2016.
- ^ "TransferMate invests €15m to facilitate Irish businesses". 9 November 2015.
- ^ "TransferMate hits $5bn mark". Finextra Research. 13 June 2014.
- ^ a b "AIB invests €30m in Clune payments firm TransferMate". Independent.ie. Independent News & Media. 19 November 2017.
- ^ "A young company that aims to challenge the big banks worldwide". www.irishtimes.com.
- ^ "TransferMate co-founder to sell his shareholding". www.independent.ie.
- ^ a b "Clune Technologies". Clune Technologies.
- ^ "Business Showcase : TransferMate". irishtechnews.net. 21 June 2016.
- ^ "EU FinTech Awards TransferMate". 100.fintech.nl.
- ^ "Business showcase of TransferMate". irishtechnews.net. 7 September 2015.
- ^ "TransferMate invests €15m to facilitate Irish businesses". businessandfinance.com. Business & Finance. Retrieved 9 November 2015.
- ^ McHugh, Robert (3 February 2016). "Irish company TransferMate win Global award General, news for Ireland, Innovation,Ireland". www.businessworld.ie.
- ^ "Transfermate Accreditation". www.bookkeepers.org.uk.
- ^ ING.com (30 July 2018). "ING investment simplifies international payments". ING.com. Retrieved 3 April 2019.
- ^ "TransferMate valued at $1bn in latest funding round - Business Plus". businessplus.ie. 22 May 2022. Retrieved 19 August 2022.
- ^ "TransferMate Secures $70m Funding Round to Accelerate Innovation in B2B Cross-Border Payments and Expand Its Global Presence; Company Valued at $1BN". finance.yahoo.com. Retrieved 19 August 2022.
- ^ "Transfermate makes BIG innovation win in United States". Kilkennypeople.ie. 4 February 2016.
- ^ "2015 WINNERS - 2016 eir Spiders The Digital Technology Awards- Celebrating its 21st Year". eirspiders.ie.
- ^ "2016 US-Ireland Research Innovation Awards Shortlist Announced". 3 March 2016.
- ^ "Winners & Highly Commended 2016". fia.libf.ac.uk.
- ^ "Consumer Awards - 2017 Winners". www.moneyfactsgroup.co.uk. Retrieved 3 April 2019.
- ^ "Kilkenny chamber of commerece". 29 November 2017.
- ^ "Irish Tech News FinTech 20 Ireland Top 20 Companies Announced – Irish Tech News". 26 October 2017. Retrieved 3 April 2019.
- ^ Irel, Lean Business (12 February 2018). "National Winners From the Republic of Ireland named at exclusive event in Dublin". Lean Business Ireland. Retrieved 3 April 2019.
{{cite web}}:|first=has generic name (help) - ^ "2018 Stevie® Award Winners | Stevie Awards". stevieawards.com. Retrieved 3 April 2019.
- ^ "Export Industry Awards Shortlist 2018". Irish Exporters Association. Retrieved 3 April 2019.