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TransferMate announces €30m investment by AIB and strategic partnership

20 November 2017 – TransferMate, (“TransferMate” or the “Company”), the world’s leading cross-border B2B payments provider, today announced it has secured €30 million in investment from Allied Irish Banks p.l.c. (“AIB”) for a small minority equity ownership stake in the Company. TransferMate and AIB have also agreed to a strategic partnership focused on providing Irish businesses with world-leading international payments and receivables capabilities, by taking advantage of TransferMate’s award-winning cross-border technology platform to send or collect funds globally.  The collaboration aims to decrease international payments costs for business customers, improve cash flow for businesses with international supply chains and customers and enhance payments transparency through a technology enabled platform.

TransferMate was founded in 2010 with the mission of providing businesses with a faster, cheaper and easier solution for sending or receiving funds globally. In 7 years, TransferMate has secured one of the financial industry’s widest regulatory footprints and developed integrated payment solutions with the world’s top accounting software platforms to provide a complete and simple end-to-end solution for its customers. To date, $10 billion has been sent to over 100 countries through TransferMate’s platform by businesses across the globe.

Terry Clune, co-founder and CEO of TransferMate, said, “Cross-border B2B payments can be complex, time-consuming and expensive for businesses. At TransferMate, we aim to provide the most convenient and cost-effective way for businesses to move money around the globe. B2B payments represent 98% of the $138 trillion of currencies traded annually cross-border. TransferMate has built a unique technology platform and we are delighted to welcome AIB as an investor and partner.  With this investment we will expand our commercial teams across the USA, Canada, Australia and Europe, whilst growing our head office, commercial and technology functions in Ireland. This partnership is a great example of how a leading bank and a FinTech company can work together to improve their customers’ experiences.”

Sinead Fitzmaurice, co-founder and CFO of TransferMate, added: “We have spent a significant amount of time and our own capital building our unique technology, infrastructure and global regulatory footprint.  Providing a unified technology platform for exporters to electronically send their invoices across the globe whilst providing the functionality to collect those funds domestically dramatically improves customer experience for exporting companies and their importing customers. Our partnership with AIB aims to combine the bank’s forward-looking digital strategy with our technology and global reach to bring business customers of the bank a truly convenient and cost-effective solution when sending or collecting funds globally.  We are immensely proud to announce our first banking collaboration in our home market.”

AIB Managing Director of Wholesale, Institutional and Corporate Banking Colin Hunt said “AIB is delighted to be backing this Irish digital payments provider, which is providing an innovative product to an international market.  This €30 million investment demonstrates our commitment to deploying our capital and expertise in support of leading enterprises such as TransferMate. The investment is in line with AIB’s strategic priority to increase the pace of innovation to serve changing customer needs by working with both dedicated internal teams and with external partners and startups. We will work with TransferMate and other digitally innovative partners to continue to ensure AIB Business customers have access to the some of the best digital banking capabilities in the world.”

TransferMate has broad regulatory approval in major markets, and post-Brexit, it will become the only EU Payment Institution regulated throughout the EU and United States. TransferMate has also continued to add to its senior management, appointing Gary Conroy, the former MD of Realex payments, as Chief Commercial Officer and Rafael de la Vega, former Director of Global Partnerships at Intuit in Silicon Valley, as North American Board advisor.

Perella Weinberg Partners LP served as the exclusive strategic and financial advisor to TransferMate for this transaction, with A&L Goodbody serving as legal counsel.

Arthur Cox served as legal counsel to AIB. EY acted as exclusive financial and tax due diligence advisor to AIB.

This investment is subject to obtaining regulatory approval from the Central Bank of Ireland.

About TransferMate

TransferMate is the smartest solution for businesses worldwide to both send and receive international payments. Using its online platform and global banking infrastructure it virtually eliminates the cost of sending international business payments by collecting and sending payments using its own banking network. Its clients benefit from better exchange rates, lower bank transfer fees and direct integration into their back-end accounting systems including Intuit, MYOB, Sage, Netsuite, SAPB1, SAPR3 and Xero.

Today, TransferMate has one of the broadest regulatory approvals in the industry and a global network of 200+ domestic bank accounts in over 50 countries.

About AIB

AIB is Ireland’s largest domestic bank with over 2.4 million customers. AIB Wholesale, Institutional and Corporate Banking (WIB) backs AIB’s larger customers and customers requiring specific sector or product expertise. WIB serves customers through a relationship driven model with a sector specialist focus. Key business areas include Corporate Banking; Real Estate Finance; Energy, Climate Action and Infrastructure; Specialised Finance and Corporate Finance.


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