TransferMate Secures $70M in Funding to Accelerate Innovation in B2B Cross-Border Payments and Expand Global Presence; Company valued at $1 billion


DUBLIN–(BUSINESS WIRE)–TransferMate, the world’s leading provider of B2B payments infrastructure as a service, today announced a $70 million funding round taking the company to a $1 billion valuation and $130 million total funding dollars. Railpen, one of Britain’s largest pension funds, managing £37bn, participated in the round.

TransferMate has grown its global licensing infrastructure and banking network to be one of the broadest in the industry and has been chosen as the partner of choice to power B2B payment products for some of the largest software platforms, innovative banks and Fintechs in the world. This funding round, which consists entirely of primary capital, will be used to expand its teams globally and further invest in its technology innovation and product suite.

“We are delighted to welcome Railpen as a shareholder at this exciting time,” said Terry Clune, founder of TransferMate. “By combining our technology and our global licensing network, we are enabling software providers, banks and fintechs to deliver much faster and cheaper payments than the traditional SWIFT system. We will use this investment to continue to recruit talent experienced financiers who can help us expand our customer base.”

“From the very beginning, we’ve been on a mission to set new standards in how businesses make and receive international payments. Our commitment to delivering real-time transparency and speed when businesses make cross-border payments has made TransferMate’s global B2B payment infrastructure of choice for leading procure-to-pay and spend management platforms,” ​​said Sinead Fitzmaurice, CEO of TransferMate. “This investment will allow us to accelerate our mission to drive innovation as companies look to digitize their B2B payments within the software core they use to run their daily business.

This new round of investment, coupled with the $1 billion valuation, further distinguishes TransferMate as the world’s most comprehensive independent B2B payment network. It allows businesses and individuals to make cross-border payments in more than 201 countries and 141 currencies, as easily and cost-effectively as making a domestic funds transfer, and with full transparency from the transaction to the final approximation point.

“We are excited to be part of TransferMate’s journey as it seeks to enable businesses to cost-effectively digitize their cross-border payments,” said Julia Diez, portfolio manager at Railpen. “This investment is part of Railpen’s strategy to invest in long-term, high-quality, innovative growth businesses, which supports our goal of securing the future of our members.”

The funding round was managed by Barclays Bank PLC, acting through its investment bank.

If you would like to know more about TransferMate’s infrastructure as a service, please contact us here.

About TransferMate

TransferMate – a subsidiary of CluneTech – is the world’s leading provider of B2B payments infrastructure as a service, enabling businesses to send and receive cross-border payments faster, easier and at a lower cost. TransferMate, under the leadership of Clune and CEO Sinead Fitzmaurice, has built one of the largest payment license portfolios in the world, comprising 51 US states and territories, to support commerce in over 201 countries and 141 currencies . Leading banks, fintechs and software providers partner with TransferMate to deliver an enhanced user experience to their business customers. The company has created bespoke integrations for banks like ING and AIB who are also investors in the company. The TransferMate API solution allows partners to digitize the flow of payments within their software, enabling all businesses to realize significant savings in time and money.

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About Railpen

Railpen, one of the UK’s largest and oldest pension funds, whose fintech investments include Starling Bank and Railpen is responsible for safekeeping and investing around £37 billion on behalf of the scheme’s 350,000 members.

About Barclays Bank PLC

Barclays Bank PLC, which is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, is acting for Transfermate only in connection with this funding round.


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