TransferMate is an international payments company which was launched in 2010. It is headquartered in Kilkenny, Ireland, and has offices in other cities in Europe and North America. According to the company, as of late 2017, over $10 billion had been transferred through TransferMate's systems. TransferMate have their own banking network with accounts in 50 countries.
Video TransferMate
History
TransferMate was launched in 2010 by Terry Clune, Barry Dowling and Sinead Fitzmaurice, a company under The Taxback Group, which includes 6 other sister companies. Starting in 2010, the company expanded to 165 employees by 2016.
Instead of using intermediary banks to make transfers, TransferMate set up their own accounts (200 accounts in 50 countries according to the company), with the intent to allow the company to transfer funds through their own banking network. According to the company, TransferMate is regulated in Europe, Australasia, Canada and in the United States.
The company created an online FinTech (financial technology) system to allow their customers to make money transfers online, allowing them to receive funds locally and make payments locally, with the intention to eliminate the need for intermediary banks and international transfer fees. TransferMate's software, developed in-house, was incorporated into other accounting provider software systems like MYOB, QuickBooks, XERO, Sage, NetSuite and SAP.
In November 2017, Allied Irish Banks reportedly invested EUR30m in the organisation, ostensibly valuing TransferMate at "up to EUR300m".
Maps TransferMate
Recognition
The company and software won the Big Innovation Award 2016 for Most Innovative Payment Solutions, eirSpiders 2015: Best in Financial Services, 2016 USA-Ireland Research Innovation Award, and Financial Innovation Awards in 2016.
References
Source of the article : Wikipedia
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