Dutch bank ING has spent €21 million to buy a minority equity stake in cross-border B2B payments company TransferMate.
TransferMate has built a large portfolio of payment licenses across the globe, offering businesses local ACH access to 117 currencies in over 145 countries.
As part of the deal, ING will offer TransferMate as a payment processing option for all SME and corporate clients beginning in 2019.
“ING is dedicated to offering seamless payment solutions and freedom of choice to its customers,” says Evelien Witlox, global head of Payments & Cards at ING. “This investment and partnership adds to ING's capability of helping customers to save time and money for international payments.”
The ING investment follows a recent €30 million injection from Allied Irish Banks to accelerate growth across the USA, Canada, Australia & Europe; and brings the total Series A investment into the Irish fintech firm to €51 million in the past eight months alone.
Sinead Fitzmaurice, co-founder & CFO of TransferMate says: “TransferMate provides an integrated platform for importers and exporters to send and collect their funds across the globe. This greatly improves working capital, and eliminates administration for companies. In addition to collaborating with ING, our investment will also focus on expansion of TransferMate into Asia Pacific."