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Payments General

ING backs Irish fintech Transfermate with EUR 21 mln in equity funding

Tuesday 31 July 2018 | 09:20 AM CET

Cross-border business paytech Transfermate has announced a EUR 21 million investment from ING, in exchange for a minority equity stake in the company.

The investment takes Transfermate's series A fundraising round to a total of EUR 51 million, following a EUR 30 million raise from Allied Irish Banks at the end of 2017.

Transfermate will also provide international payment services to all corporate and small and mid-sized enterprise clients of ING as part of the deal. The tech company's series A is dedicated to accelerating its growth across the US, Canada, Europe, and the Asian Pacific region.

Transfermate holds a network of payment licences across the world, including in all 50 US states. This allows it to reduce the cost of international payments between businesses, using its automated clearing houses in over 145 countries to transfer funds through its own banking network. The investment is expected to close in the third quarter of 2018, subject to final documentation and regulatory approval.

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