Cross-border B2B payments technology firm TransferMate has announced a €21 million investment from Dutch bank ING.

The two companies have also agreed a strategic partnership, with TransferMate’s services made available to all SME and corporate clients of ING. TransferMate’s cross-border API technology and global payment licences will reduce international payments costs and improve cash flow for ING business customers who send or collect funds cross-border.

The ING investment follows a recent €30 million investment from Allied Irish Banks to accelerate growth across the USA, Canada, Australia and Europe; and brings the total Series A investment into the Irish FinTech firm to €51 million in the past eight months alone.

Terry Clune, co-founder and chief financial officer of TransferMate, said the latest investment will focus on the firm’s expansion into Asia Pacific: “TransferMate provides an integrated platform for importers and exporters to send and collect their funds across the globe. This greatly improves working capital, and eliminates administration for companies.”

Evelien Witlox, global head of payments and cards at ING, added: “This investment and partnership with TransferMate adds to ING’s capability to help customers by saving time and money for international payments. The partnership perfectly fits our innovation strategy and we look forward to offering this service together.”

This investment and partnership is subject to final documentation and is expected to be completed in the third quarter of 2018.

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