Ulster Bank is supporting pioneering technology firm AmaTech in a deal worth €850,000 to expand its high-end manufacturing capabilities.
Founded in 2007 and based in Spiddal, Co. Galway, AmaTech invented the contactless card technology used in credit cards, passports and ID cards.
The company is now pressing ahead with new plans to expand its smart jewellery range in the PayWear space.
Ulster Bank financed assets for manufacturing equipment in a sale and leaseback agreement, which allowed AmaTech to extract capital from existing assets.
David Finn, CEO, AmaTech, said: “We are delighted to be expanding our Galway-based business through smarter financing. Innovation is a cornerstone of our company – we have developed technology that allows people to buy things with their bracelets and watches. So when Ulster Bank took an interest in understanding what we do and offered us innovative finance solutions, we were delighted.”
Eddie Cullen, managing director of Commercial Banking Division, Ulster Bank, said: “When AmaTech first approached us we faced a challenge to find a financing solution on the back of existing high-end assets. Bringing our Lombard Ireland team on board was an obvious choice to get a solid asset valuation and options to leverage this investment for business capital.”
He continued: “AmaTech has a best-in-class product and we are thrilled to be involved with this innovative west of Ireland company.”