Part of the deal of the Dutch bank’s minority stake in the cross-border B2B payments outfit includes offering the latter’s services as a payment processing option for SMEs and corporate clients starting next year.
TransferMate has constructed a sizeable payment licences portfolio which spans the globe, giving businesses local ACH access to 117 currencies in more than 145 countries.
Besides ING’s stake, the Irish fintech company has recently raised EUR 30 million from Allied Irish Banks for purpose of growth in Europe, the US, Canada, and Australia. This injection brought the total raised for their Series A round to EUR 51 million.
Evelien Witlox, ING’s global head of payments and cards, stated that the partnership, “adds to ING’s capability of helping customers to save time and money for international payments”.
TransferMate’s co-founder and CEO, Sinead Fitzmaurice, explained that her company gives importers and exporters an integrated platform on which they can send and collect money around the world, and this “greatly improves working capital, and eliminates administration for companies”.