B2B payments company TransferMate has collected €21m in its latest line of financing to support its global expansion.
ING Group led the funding round which saw it pick up a minority stake in the company.
As part of the funding, ING has formed a strategic partnership with TransferMate. The deal will see TransferMate’s cross-border API technology and global payment services available to all of ING’s SME and corporate clients. By signing this agreement, it will help businesses using ING to lower their costs for international payments and improve cash flow for those sending and collecting money internationally.
Ireland-based TransferMate is a cross-border business payment platform for sending and receiving funds in a secure and regulated system. The company enables users to use a real-time exchange rate, and complete B2B transfers without fees.
Users can also send invoices to customers which can be paid in their local currency and transferred into the client’s currency.
Capital from the round will be used to support the new partnership, as well as pushing for expansion into Asia Pacific.
ING global head of payments & cards Evelien Witlox said, “ING is dedicated to offering seamless payment solutions and freedom of choice to its customers.
“This investment and partnership with FinTech TransferMate adds to ING’s capability to help customers by saving time and money for international payments. The solution will become available to all SME and corporate clients of ING. The partnership perfectly fits our innovation strategy and we look forward to offering this service together.”
This investment comes hot off the heels of a €30m round into Transermate raised by Allied Irish Banks to support growth across the US, Canada, Australia and Europe. With the funding from ING, the total value of TransferMate’s Series A has reached €51m, all within the past eight months.
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