TransferMate, a payments company based in Dublin, has raised €30 million from Allied Irish Bank (AIB). The AIB partnership will help expand the company’s reach domestically, it said.
Alongside the investment, TransferMate has inked a partnership with the bank to provide international payment services for businesses at lower transaction costs. “Cross-border B2B payments can be complex, time-consuming and expensive for businesses,” said CEO Terry Clune in a statement. According to the company, more than $10 billion has been sent through its services since 2010 when it was founded. “With this investment we will expand our commercial teams across the USA, Canada, Australia and Europe, whilst growing our head office, commercial and technology functions in Ireland,” added Clune. “This partnership is a great example of how a leading bank and a fintech company can work together to improve their customers’ experiences.”