Financial services firm AIB has paid €30m ($35.2m) for a minority stake in Ireland-based business to business (B2B) payment software providerTransferMate, the Irish Independent reported on Sunday.
The deal, which is subject to regulatory approval, values TransferMate at up to €300m, a source told the newspaper. The two companies have also formed a strategic partnership to provide Ireland-based businesses access to TransferMate’s system.
Founded in 2010 as a subsidiary of finance and travel services firm The Taxback Group, TransferMate has built an online platform businesses use to send and receive money around the world.
More than $11.7bn has been sent to more than 100 countries using the platform, which will become the only European Union payment institution with regulatory approval to operate throughout both the EU and US once the Brexit process is completed.
TransferMate CEO Terry Clune told the Independent the company plans to use the investment to grow its commercial and technology teams in Ireland while expanding its commercial teams in the US, Canada, Australia and Europe.
Clune said: “At TransferMate, we aim to provide the most convenient and cost-effective way for businesses to move money around the globe.
“B2B payments represent 98% of the $138 trillion of currencies traded annually cross-border. TransferMate has built a unique technology platform and we are delighted to welcome AIB as an investor and partner.”