TransferMate

TransferMate is a B2B payments technology which was founded in 2010.[2] It is headquartered in Kilkenny, Ireland,[3] and has other offices in San Francisco, New York and Sydney.[4] According to the company, as of late 2017, over $11 billion had been transferred through TransferMate's Technology.[5] TransferMate's network of payment transfer systems is licensed and regulated in all 50 US States, Canada, Australia, New Zealand and in Europe.[1]

TransferMate
Type of site
Private company
Available inMultilingual
HeadquartersKilkenny,
Ireland
No. of locationsNew York City, Sydney, Austin, Texas.
Area servedGlobally
Key people
  • Terry Clune
  • (Co-Founder)
  • Sinead Fitzmaurice
  • (Co-Founder)
ServicesB2B cross border payment solution
Employees185 (Nov 2017)[1]
ParentThe Taxback Group
URLwww.transfermate.com
RegistrationYes
Launched2010 (2010)
Current statusActive

History

TransferMate was launched in 2010 by Terry Clune and Sinead Fitzmaurice, a company under The Taxback Group, which includes 6 other sister companies.[6] Starting in 2010, the company expanded to 185 employees by late 2017.[1] As of 2020, the company's website stated that it had over 1,400 staff working from 22 countries.[6]

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.[7] According to the company, TransferMate is regulated in the US, Canada, Australia, New Zealand and Europe.[1]

The company created a FinTech (financial technology) system to allow their customers to make cross border transfers online,[8] 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.[9] TransferMate’s technology has been incorporated in to other financial systems such as QuickBooks, SAP Concur and Tradeshift.[10][11][12] Its clients also include Airbus, Harvard University and RSM International.

In November 2017, Allied Irish Banks invested €30m in the organisation.[5]

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. [13]

Recognition

The company and software won the Big Innovation Award 2016 for Most Innovative Payment Solutions,[14] eirSpiders 2015: Best in Financial Services,[15] 2016 USA-Ireland Research Innovation Award,[16] and Financial Innovation Awards in 2016.[17] Moneyfacts consumer awards 2017: highly commended in Best Consumer Service provider and International Money Transfer Provider of the year.[18] Kilkenny Chamber of Commerece 2017: Overall Winner [19] Fintech 20 Ireland [20] The Germany Trade & Invest Award for International Expansion[21] Stevie Awards: Financial Technology Bronze winner [22] IEA Exporter Awards: High potential Exporter award 2018 [23]

References
  1. "TransferMate makes hard work pay off". independent.ie. Independent News & Media. 26 November 2017.
  2. "Getting transfers back to basics with TransferMate - The Sunday Business Post". 18 September 2016.
  3. "TransferMate invests €15m to facilitate Irish businesses". 9 November 2015.
  4. "TransferMate hits $5bn mark". Finextra Research. 13 June 2014.
  5. "AIB invests €30m in Clune payments firm TransferMate". Independent.ie. Independent News & Media. 19 November 2017.
  6. "The Taxback Group". The Taxback Group.
  7. "Business Showcase : TransferMate". irishtechnews.net.
  8. "EU FinTech Awards TransferMate". 100.fintech.nl.
  9. "Business showcase of TransferMate". irishtechnews.net.
  10. "TransferMate invests €15m to facilitate Irish businesses". businessandfinance.com. Business & Finance. Retrieved 9 November 2015.
  11. McHugh, Robert (3 February 2016). "Irish company TransferMate win Global award General, news for Ireland, Innovation,Ireland,". www.businessworld.ie.
  12. "Transfermate Accreditation". www.bookkeepers.org.uk.
  13. ING.com (30 July 2018). "ING investment simplifies international payments". ING.com. Retrieved 3 April 2019.
  14. "Transfermate makes BIG innovation win in United States". Kilkennypeople.ie. 4 February 2016.
  15. "2015 WINNERS - 2016 eir Spiders The Digital Technology Awards- Celebrating its 21st Year". eirspiders.ie.
  16. "2016 US-Ireland Research Innovation Awards Shortlist Announced". 3 March 2016.
  17. "Winners & Highly Commended 2016". fia.libf.ac.uk.
  18. "Consumer Awards - 2017 Winners". www.moneyfactsgroup.co.uk. Retrieved 3 April 2019.
  19. "Kilkenny chamber of commerece".
  20. "Irish Tech News FinTech 20 Ireland Top 20 Companies Announced – Irish Tech News". Retrieved 3 April 2019.
  21. 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.
  22. "2018 Stevie® Award Winners | Stevie Awards". stevieawards.com. Retrieved 3 April 2019.
  23. "Export Industry Awards Shortlist 2018". Irish Exporters Association. Retrieved 3 April 2019.
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