Dublin-based TransferMate, the world’s leading provider of B2B payments infrastructure as-a-service, today picked up $70 million in funding. Railpen, one of the largest UK pension funds, managing £37 billion, participated in the round. The funding round was managed by Barclays Bank PLC, acting through its investment bank.
Attains unicorn status
With this financing, the company reaches a valuation of $1 billion and attains unicorn status. Also, the total funding raised by the company is $130 million. This new round of investment sets TransferMate apart as the world’s most comprehensive independent B2B payments network.
Also, 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.”
“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.”
Cross-border payments made simple
TransferMate was founded in 2010 by co-founders Terry Clune and Sinead Fitzmaurice as they saw a need in the market for an easy, simple and cost-effective solution to transfer money internationally. They realised there was a major challenge for companies making cross-border payments who were dealing with significant delays, costs and administrative difficulties. Eventually, they came up with TransferMate to develop partnerships with banks and regulators, while securing licenses and regulatory approval around the world.
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.
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.
Cloud-based payment solution
The TransferMate technology platform is an end-to-end cloud-based solution that simplifies, digitises and automates the manual tasks involved in paying and getting paid. Companies can integrate the global payments network directly into their business and watch their organisation grow.
Its extensive network of local bank accounts, market-leading technology and extensive treasury capabilities make us the partner of choice for leading brands around the world. Moreover, TransferMate’s payments platform reduces errors and tracks payments to avoid manual invoice reconciliation, ultimately saving businesses time and money.