TransferMate

From Wikipedia, the free encyclopedia

TransferMate
Transfermate-logo-flickr.jpg
Type of site
Private company
Available inMultilingual
HeadquartersKilkenny,
Ireland
No. of locationsNew York City, Sydney, Austin, Texas.
Area servedGlobally
CEOSinead Fitzmaurice[citation needed]
Key people
  • Terry Clune
  • (Co-Founder)
  • Barry Downling
  • (Co-Founder)
ServicesB2B cross border payment solution
Employees185 (Nov 2017)[1]
ParentThe Taxback Group
URLwww.transfermate.com
RegistrationYes
Launched2008; 13 years ago (2008)
Current statusActive

TransferMate is a B2B payments technology which was founded in 2010.[2] It is headquartered in Kilkenny, Ireland,[3] and has other offices in San Francisco, New York and Sydney.[4] According to the company, as of late 2017, over $11 billion had been transferred through TransferMate's Technology.[5] TransferMate's network of payment transfer systems is licensed and regulated in all 50 US States, Canada, Australia, New Zealand and in Europe.[1]

History[]

TransferMate was launched in 2008[6] by Terry Clune and Barry Dowling,[7] a company under the Clune Technology Group (Formerly The Taxback Group), which includes 6 other sister companies.[8] Starting in 2008, the company expanded to 185 employees by late 2017.[1] As of 2020, the company's website stated that it had over 1,400 staff working from 22 countries.[8]

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.[9] 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,[10] 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.[11] TransferMate’s technology has been incorporated in to other financial systems such as QuickBooks, SAP Concur and Tradeshift.[12][13][14] Its clients also include Airbus, Harvard University and RSM International.[citation needed]

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. [15]

Recognition[]

The company and software won the Big Innovation Award 2016 for Most Innovative Payment Solutions,[16] eirSpiders 2015: Best in Financial Services,[17] 2016 USA-Ireland Research Innovation Award,[18] and Financial Innovation Awards in 2016.[19] Moneyfacts consumer awards 2017: highly commended in Best Consumer Service provider and International Money Transfer Provider of the year.[20] Kilkenny Chamber of Commerece 2017: Overall Winner [21] Fintech 20 Ireland [22] The Germany Trade & Invest Award for International Expansion[23] Stevie Awards: Financial Technology Bronze winner [24] IEA Exporter Awards: High potential Exporter award 2018 [25]

References[]

  1. ^ Jump up to: a b c d "TransferMate makes hard work pay off". independent.ie. Independent News & Media. 26 November 2017.
  2. ^ "Getting transfers back to basics with TransferMate - The Sunday Business Post". 18 September 2016.
  3. ^ "TransferMate invests €15m to facilitate Irish businesses". 9 November 2015.
  4. ^ "TransferMate hits $5bn mark". Finextra Research. 13 June 2014.
  5. ^ Jump up to: a b "AIB invests €30m in Clune payments firm TransferMate". Independent.ie. Independent News & Media. 19 November 2017.
  6. ^ "A young company that aims to challenge the big banks worldwide". www.irishtimes.com.
  7. ^ "TransferMate co-founder to sell his shareholding". www.independent.ie.
  8. ^ Jump up to: a b "Clune Technologies". Clune Technologies.
  9. ^ "Business Showcase : TransferMate". irishtechnews.net.
  10. ^ "EU FinTech Awards TransferMate". 100.fintech.nl.
  11. ^ "Business showcase of TransferMate". irishtechnews.net.
  12. ^ "TransferMate invests €15m to facilitate Irish businesses". businessandfinance.com. Business & Finance. Retrieved 9 November 2015.
  13. ^ McHugh, Robert (3 February 2016). "Irish company TransferMate win Global award General, news for Ireland, Innovation,Ireland,". www.businessworld.ie.
  14. ^ "Transfermate Accreditation". www.bookkeepers.org.uk.
  15. ^ ING.com (30 July 2018). "ING investment simplifies international payments". ING.com. Retrieved 3 April 2019.
  16. ^ "Transfermate makes BIG innovation win in United States". Kilkennypeople.ie. 4 February 2016.
  17. ^ "2015 WINNERS - 2016 eir Spiders The Digital Technology Awards- Celebrating its 21st Year". eirspiders.ie.
  18. ^ "2016 US-Ireland Research Innovation Awards Shortlist Announced". 3 March 2016.
  19. ^ "Winners & Highly Commended 2016". fia.libf.ac.uk.
  20. ^ "Consumer Awards - 2017 Winners". www.moneyfactsgroup.co.uk. Retrieved 3 April 2019.
  21. ^ "Kilkenny chamber of commerece".
  22. ^ "Irish Tech News FinTech 20 Ireland Top 20 Companies Announced – Irish Tech News". Retrieved 3 April 2019.
  23. ^ Irel, Lean Business (12 February 2018). "National Winners From the Republic of Ireland named at exclusive event in Dublin". Lean Business Ireland. Retrieved 3 April 2019.
  24. ^ "2018 Stevie® Award Winners | Stevie Awards". stevieawards.com. Retrieved 3 April 2019.
  25. ^ "Export Industry Awards Shortlist 2018". Irish Exporters Association. Retrieved 3 April 2019.
Retrieved from ""