TransferMate

TransferMate was launched in 2010 by Terry Clune and Sinead Fitzmaurice, a company under The Taxback Group, which includes 6 other sister companies.[6] Starting in 2010, the company expanded to 185 employees by late 2017.[1]

Instead of using intermediary banks to make transfers, TransferMate set up their own accounts, with the intent to allow the company to transfer funds through their own banking network.[7] According to the company, TransferMate is regulated in the US, Canada, Australia, New Zealand and Europe.[1]

The company created a FinTech (financial technology) system to allow their customers to make cross border transfers online,[8] this allows them to receive funds locally and make payments locally with the intention to eliminate the need for intermediary banks and international transfer fees.[9] TransferMate’s technology has been incorporated in to other financial systems such as QuickBooks, SAP Concur and Tradeshift.[10][11][12] Its clients also include Airbus, Harvard University and RSM International.

In November 2017, Allied Irish Banks invested €30m in the organisation.[5]

In July 2018, ING Bank invested €21m, valuing TransferMate at €350m. ING Bank is also a partner, introducing TransferMate payment solutions to ING corporate clients. [13]

The company and software won the Big Innovation Award 2016 for Most Innovative Payment Solutions,[14] eirSpiders 2015: Best in Financial Services,[15] 2016 USA-Ireland Research Innovation Award,[16] and Financial Innovation Awards in 2016.[17] Moneyfacts consumer awards 2017: highly commended in Best Consumer Service provider and International Money Transfer Provider of the year.[18] Kilkenny Chamber of Commerece 2017: Overall Winner [19] Fintech 20 Ireland [20] The Germany Trade & Invest Award for International Expansion[21] Stevie Awards: Financial Technology Bronze winner [22] IEA Exporter Awards: High potential Exporter award 2018 [23]