TransferMate
A private Irish financial-technology company providing business cross-border payments, foreign-exchange services, and payment infrastructure.
Last updated August 31, 2026
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Overview
TransferMate is an Irish business-to-business financial-technology company focused on international payments and foreign-exchange infrastructure. Its service is designed to let businesses send and receive funds across borders through local collection and payout arrangements, reducing reliance on intermediary banks and the associated international-transfer fees. The company’s model combines a digital payments platform with a network of bank accounts, payment systems, licences, and regulated entities in multiple jurisdictions. The business was launched in 2008 by Terry Clune and Barry Dowling within the wider Clune Technology Group, formerly known as The Taxback Group. Wikipedia identifies 2010 as the company’s founding year, while describing the operating business as having begun in 2008. TransferMate developed as a sister company within the group and expanded from an early cross-border-transfer service into a broader payments-technology provider for companies, banks, and other financial institutions. Its core proposition is local-to-local settlement. Rather than routing every international payment through a chain of correspondent banks, TransferMate seeks to receive money locally in one market and make the corresponding payment locally in another. This approach is intended to improve speed, visibility, and cost predictability for businesses handling international invoices, supplier payments, tuition, payroll, and other recurring cross-border obligations. The company has also made its technology available through integrations and embedded-payment relationships, including incorporation into platforms such as QuickBooks, SAP Concur, and Tradeshift. TransferMate serves both direct business customers and institutional partners. Its offering has included online cross-border payments, currency conversion, payment accounts and collection capabilities, application-programming interfaces, and white-label or embedded payment infrastructure. The company has stated that its payment network is licensed and regulated across the United States, Canada, Australia, New Zealand, and Europe, although the exact regulatory status can vary by product and jurisdiction. The company expanded its workforce and international footprint during the 2010s. By late 2017 it reportedly had 185 employees, and by 2019 it reportedly employed approximately 200 people. Its headquarters are in Kilkenny, Ireland, with additional offices reported in San Francisco, New York, and Sydney. In 2017, TransferMate said that more than $11 billion had been transferred through its technology. TransferMate attracted institutional investment as it scaled. Allied Irish Banks invested €30 million in November 2017. ING Bank invested a further €21 million in July 2018 in a transaction that reportedly valued the company at €350 million; ING also became a commercial partner introducing TransferMate payment solutions to corporate clients. In May 2022, the company announced an additional $70 million in funding from a UK pension fund, describing the capital as supporting faster innovation and expansion. TransferMate remains a privately held payments company. Its market position is based on combining cross-border transaction processing, foreign exchange, regulatory coverage, and software integrations for business users and financial institutions rather than competing primarily as a consumer remittance brand.
History
TransferMate emerged from the Clune Technology Group, formerly called The Taxback Group. Terry Clune and Barry Dowling launched the business in 2008 to address the cost and complexity of international business payments. Wikipedia gives 2010 as the company’s founding year, reflecting the formal establishment of the TransferMate business, while the earlier 2008 date refers to its launch within the group. The company’s initial concept was to provide an alternative to conventional correspondent-bank routing. In a typical international payment chain, funds may pass through multiple intermediary institutions, creating additional fees, foreign-exchange spreads, delays, and limited payment visibility. TransferMate instead developed its own network of accounts and payment arrangements so that it could receive funds locally in one country and make payments locally in another. Its online technology coordinates these transactions and supports business users making recurring or one-off international payments. As the platform developed, TransferMate moved beyond a standalone transfer service. Its technology was integrated with business software and financial platforms, including QuickBooks, SAP Concur, and Tradeshift. These integrations allowed international payments to be connected more closely with accounting, procurement, expense-management, and invoicing workflows. The company also pursued relationships with banks and other institutions, offering infrastructure that could be embedded or presented under a partner’s distribution model. The business expanded its regulatory and geographic coverage across the United States, Canada, Australia, New Zealand, and Europe. TransferMate has stated that its payment-transfer network is licensed and regulated in these markets, subject to the requirements applicable in each jurisdiction. Its headquarters are in Kilkenny, Ireland, and it has also maintained offices in San Francisco, New York, and Sydney. Growth during the 2010s was reflected in both staffing and transaction volume. The company reportedly had 185 employees by late 2017 and approximately 200 employees in 2019. TransferMate stated that more than $11 billion had passed through its technology by 2017. These figures positioned it as a substantial specialist in business payments, although it remained privately held. Institutional financing became an important part of the company’s expansion. Allied Irish Banks invested €30 million in November 2017. In July 2018, ING Bank invested €21 million in a transaction reportedly valuing TransferMate at €350 million. The ING relationship also had a distribution component: ING introduced TransferMate payment solutions to corporate clients. In May 2022, TransferMate announced another $70 million in funding from a UK pension fund. The company said this funding would help accelerate its innovation agenda. TransferMate’s development reflects the broader growth of fintech infrastructure for international commerce. Rather than focusing chiefly on consumer remittances, it has concentrated on business use cases and institutional distribution. Its stated value proposition combines foreign exchange, cross-border settlement, local payment access, compliance coverage, and technical integration. The available reference material does not establish a subsequent acquisition, public listing, change of ownership, or definitive corporate restructuring, so the company is recorded here as an active private brand within the Clune Technology Group.
- 2022
Additional $70 million funding is announced
[1]TransferMate announced funding from a UK pension fund to support continued innovation and growth.
- 2018
ING Bank invests and becomes a distribution partner
[1]ING Bank invested €21 million and agreed to introduce TransferMate’s payment solutions to corporate customers.
- 2017
International transaction volume exceeds $11 billion
[1]TransferMate stated that more than $11 billion had been transferred through its technology by 2017.
- 2017
Allied Irish Banks provides €30 million investment
[1]Allied Irish Banks invested €30 million in TransferMate as the company continued its international expansion.
- 2010
TransferMate is founded
[1]The company is identified as having been founded in 2010, following its earlier launch within the Clune Technology Group.
- 2008
TransferMate is launched within the Clune Technology Group
[1]Terry Clune and Barry Dowling launched the cross-border payments business as part of the group formerly known as The Taxback Group.
Products and positioning
A B2B cross-border payments and financial-infrastructure provider emphasizing local settlement, regulatory coverage, software integration, and reduced dependence on correspondent-bank networks.
B2B payments · 2008
Business cross-border payments
TransferMate’s principal service enables businesses to send and receive international payments through an online platform. The operating model uses local collection and payout arrangements in different markets, with the stated aim of reducing intermediary-bank involvement, improving payment visibility, and lowering the cost and complexity of international transfers. The service is intended for business payments rather than primarily consumer remittances.
Foreign exchange
Foreign-exchange services
Foreign-exchange functionality supports the conversion required when a business pays or receives funds in different currencies. It forms part of TransferMate’s broader cross-border-payment proposition, allowing the company to coordinate currency conversion with international settlement and business payment workflows.
Payment technology
Payment API and embedded infrastructure
TransferMate provides technology that can be incorporated into other financial and business systems. The company’s technology has been integrated with platforms including QuickBooks, SAP Concur, and Tradeshift. Its institutional and white-label model is intended to let banks, software providers, and payment businesses offer cross-border payment capabilities within their own customer journeys.
Brand decisions
2022
Raise additional growth fundingStrategyBackground
TransferMate continued to invest in its payment technology and international expansion as a private company.
Action taken
The company announced $70 million in funding from a UK pension fund.
Aftermath
TransferMate said the capital would allow it to accelerate innovation and pursue further growth.
Additional funding. $70 million (May 2022)
2018
Expand through ING Bank investment and partnershipM&ABackground
TransferMate sought both financing and access to established banking distribution channels.
Action taken
ING Bank invested €21 million and partnered with TransferMate to introduce its payment solutions to ING corporate clients.
Aftermath
The transaction reportedly valued TransferMate at €350 million and connected its technology with a major bank’s corporate customer base.
Investment and reported valuation. €21 million investment; reported valuation of €350 million (July 2018)
2017
Accept strategic investment from Allied Irish BanksM&ABackground
TransferMate was expanding its payment network, technology, and international operations.
Action taken
Allied Irish Banks invested €30 million in the company.
Aftermath
The investment provided institutional capital during TransferMate’s international growth phase.
Investment. €30 million (November 2017)
2008
Build a local-to-local settlement networkStrategyBackground
The company was created to address the cost, delay, and complexity associated with correspondent-bank networks and international transfer fees.
Action taken
TransferMate developed its own network of accounts and payment arrangements so it could receive funds locally and make payments locally across borders.
Aftermath
The model became the foundation for its B2B payments platform and later supported integrations with business software and institutional payment partners.
Recent events
Sources3 sources
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