AIB backs TransferMate with €30m investment

The investment will be used to accelerate the firm's global growth, expanding commercial teams in the US, Canada, Australia and Europe, and bolstering its technology capabilities at its Ireland head office. The companies have also agreed a strategic partnership focused on providing Irish business customers with international payments and receivables capabilities.

Gary Conroy, the former managing director of Realex payments, joined the company as chief commercial officer, while Rafael de la Vega, a former director of global partnerships at Intuit, joined as North American board adviser.

The deal values TransferMate at between €250-300m, according to a person with knowledge of the deal. 

Company
Established in 2010, TransferMate provides businesses with a cheaper way to transfer funds globally. It is headquartered in Kilkenny, with additional offices across Europe, the US, Canada, Australia, New Zealand and Hong Kong. It has 165 staff.

People
TransferMate – Terry Clune (CEO); Sinead Fitzmaurice (CFO).
Allied Irish Banks – Colin Hunt (director of wholesale, institutional and corporate banking).

Advisers
Equity – Arthur Cox (legal); EY (financial due diligence).
Vendor – Perella Weinberg (corporate finance).

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• Topics
• Expansion
• UK / Ireland
• Financials
• Ireland