TransferMate

TransferMate
Type of site
 Private company
Available in Multilingual
Headquarters Kilkenny, Ireland
Area served Globally
Key people Barry Dowling (Co-Founder)
Terry Clune (Chairman)
Sinead Fitzmaurice (Co-Founder)
Services Money transfers
Employees 165+ (2016)
Parent The Taxback Group
Website www.transfermate.com
Registration Yes
Launched 2010 (2010)
Current status Active

TransferMate is an international payments company which was launched in 2010.[1] It is headquartered in Kilkenny, Ireland,[2] and has offices in other cities in Europe and North America.[3] According to the company, as of late 2017, over $10 billion had been transferred through TransferMate's systems.[4] TransferMate have their own banking network with accounts in 50 countries.[5]

History

TransferMate was launched in 2010 by Terry Clune, Barry Dowling and Sinead Fitzmaurice, a company under The Taxback Group, which includes 6 other sister companies.[6] Starting in 2010, the company expanded to 165 employees by 2016.[7]

Instead of using intermediary banks to make transfers, TransferMate set up their own accounts (200 accounts in 50 countries according to the company), with the intent to allow the company to transfer funds through their own banking network.[8] According to the company, TransferMate is regulated in Europe, Australasia, Canada and in the United States.[9]

The company created an online FinTech (financial technology) system to allow their customers to make money transfers online,[10] allowing them to receive funds locally and make payments locally, with the intention to eliminate the need for intermediary banks and international transfer fees.[11] TransferMate’s software, developed in-house, was incorporated into other accounting provider software systems like MYOB, QuickBooks, XERO, Sage, NetSuite and SAP.[12][13][14]

In November 2017, Allied Irish Banks reportedly invested €30m in the organisation, ostensibly valuing TransferMate at "up to €300m".[4]

Recognition

The company and software won the Big Innovation Award 2016 for Most Innovative Payment Solutions,[15] eirSpiders 2015: Best in Financial Services,[16] 2016 USA-Ireland Research Innovation Award,[17] and Financial Innovation Awards in 2016.[18]

References

  1. ↑ "Getting transfers back to basics with TransferMate - The Sunday Business Post". 18 September 2016.
  2. ↑ "TransferMate invests €15m to facilitate Irish businesses". 9 November 2015.
  3. ↑ "TransferMate hits $5bn mark". Finextra Research. 13 June 2014.
  4. 1 2 "AIB invests €30m in Clune payments firm TransferMate". Independent.ie. Independent News & Media. 19 November 2017.
  5. ↑ "TransferMate Global Payments of the European #FinTech Community". 100.fintech.nl.
  6. ↑ "The Taxback Group". The Taxback Group.
  7. ↑ "TransferMate Global Payments Appoints Danny Cassidy as Head of Growth". irishtechnews.net.
  8. ↑ "Business Showcase : TransferMate". irishtechnews.net.
  9. ↑ "Transfermate global regulation". www.transfermate.com.
  10. ↑ "EU FinTech Awards TransferMate". 100.fintech.nl.
  11. ↑ "Business showcase of TransferMate". irishtechnews.net.
  12. ↑ "TransferMate invests €15m to facilitate Irish businesses". businessandfinance.com. Business & Finance. Retrieved 9 November 2015.
  13. ↑ McHugh, Robert (3 February 2016). "Irish company TransferMate win Global award General, news for Ireland, Innovation,Ireland,". www.businessworld.ie.
  14. ↑ "Transfermate Accreditation". www.bookkeepers.org.uk.
  15. ↑ "Transfermate makes BIG innovation win in United States". Kilkennypeople.ie. 4 February 2016.
  16. ↑ "2015 WINNERS - 2016 eir Spiders The Digital Technology Awards- Celebrating its 21st Year". eirspiders.ie.
  17. ↑ "2016 US-Ireland Research Innovation Awards Shortlist Announced". 3 March 2016.
  18. ↑ "Winners & Highly Commended 2016". fia.libf.ac.uk.
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