Irish-owned fintech company TransferMate Global Payments has invested €15m in its international receivables solution for business.
With offices in Dublin and Kilkenny, TransferMate has built upon its success to date to develop a smarter system for companies to receive international payments compared to using the bank.
With almost €100bn in exports every year from an estimated 4,000 exporters, TransferMate is aiming to streamline payments by providing companies in Ireland and around the world with its international bank account network.
To date, TransferMate has processed over $5bn in international money transfers on behalf of business looking for a faster, cheaper alternative than using their bank.
In order to provide a better solution, TransferMate have built a bank account network globally and acquired the necessary licenses to be able to provide such a service. As an Irish company you can now request payment in euro or the currency of choice from the overseas client.
Payments are then made to a local TransferMate bank account in that market and transferred to clients same day. Bank fees are also eliminated on both the sender side and also the receiver side so it is cheaper for overseas clients to make these payments and clients receive payment in full.
Sinead Fitzmaurice, co-founder, TransferMate, said: “We are the only Irish company with a global regulatory platform, which means we can control the price and speed for the customer from start to end. We are so proud of the fact that of just 3 companies in the world with this level of regulation, we, an Irish company, are one of them. We are also the only company in the world that has this kind regulatory approval in India, which allows us to collect student tuition fees in that country! Achieving this level of regulation has meant that we can now provide a service that no other business in Ireland can – we can provide companies with an export receivables service so we can collect moneys for them without using costly intermediaries as well as paying, improving their cashflow by days. All of these developments are moving us in the direction in which we wish to go – to grow our business to 18 times its current size and reach $20bn in transfers in the next five years”.