TransferMate was founded in 2010 and has since developed a wide regulatory footprint.
According to the company, this investment is an example of how a bank and a fintech company can work together to improve their customers’ experiences.
Informed sources say that the deal values TransferMate at between EUR 250 million and EUR 300 million. So far, more than USD 10 billion has been sent to more than 100 countries over the TransferMate platform.
TransferMate and AIB have also agreed to a strategic partnership focused on providing Irish businesses with international payments and receivables capabilities. According to the announcement, the investment will enable TransferMate to invest in its commercial teams across the US, Canada, Australia and Europe, and grow its head-office, commercial and technology functions in Ireland.
TransferMate has broad regulatory approval in major markets. Post-Brexit, it will become the only EU payment institution regulated throughout the EU and the US.
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