Financial services firm ING has agreed to invest €21m ($24.5m) in TransferMate, the Ireland-based operator of a cross-border payment platform for businesses in connection with a strategic partnership agreement.
Founded in 2010, TransferMate runs an online platform enabling clients to transfer money to each other across 145 countries at better exchange rates without paying bank fees.
ING intends to make the service available to all its corporate and small and medium-sized business customers. The deal was announced late last month and is expected to close before the end of September this year.
Another financial services firm, Allied Irish Banks (AIB), provided approximately $35m in funding for the company in November 2017, reportedly acquiring a stake of at least 10% in the process.
Sinead Fitzmaurice, TransferMate’s co-founder and CFO, said: “ING is a frontrunner in innovation, and TransferMate is delighted to be working with one of the most innovative banks in the world.
“In addition to collaborating with ING, our investment will also focus on expansion of TransferMate into Asia Pacific and we look forward to continuing to execute on our global expansion plans.”
Perella Weinberg Partners was strategic and financial adviser to TransferMate for the deal while A&L Goodbody was legal counsel. Financial Technology Partners and ING FI Capital Structuring and Advisory advised ING.