TransferMate gets €30m AIB investment

Business, Finance, Technology | Mon 20 Nov | Author – Business & Finance Terry Clune
Terry Clune, CEO and Co-founder, TransferMate Global Payments

The fintech company TransferMate was founded in 2010 and has catered for the distribution of over $10 billion across the globe.

With Brexit looming large, AIB has invested €30 million in the Dublin-based global payments company, TransferMate.

The deal sees the company now valued at between €250 million and €300 million.

The investment will also see the two financial organisations entwined in a partnership which will provide Irish businesses with international payments and receivable capabilities.

TransferMate CFO and co-founder Sinead Fitzmaurice says the partnership with AIB will enhance the company’s global digital strategy and bring more convenience and cost-effective solutions for clients.

Post-Brexit, TransferMate will be the only EU payments organisation regulated across the EU and the US.

CEO and Co-founder of TransferMate Terry Clune says the investment will enable his firm to invest in its commercial teams across the US, Canada, Australia and Europe, and its technology functions in Dublin.