Irish cross-border B2B payments technology provider TransferMate has raised $70m in a new funding round to drive innovation in B2B cross-border payments and expand globally.

The funding round, which consists entirely of primary capital, takes the company’s valuation to $1bn and brings its total raised capital to date to $130m

As part of the round, the UK-based pension fund Railpen will join TransferMate as a shareholder.

The fresh capital will be used by the firm to further invest in its technology innovation and product suite and expand its teams globally.

TransferMate founder Terry Clune said: “By combining our technology and our global licence network, we empower software providers, banks and fintechs to deliver payments dramatically faster & cheaper than the traditional SWIFT system. We will use this investment to continue to recruit senior financial talent who can help broaden our customer base.”

The investment will enable the firm “to accelerate its mission to drive innovation as businesses seek to digitise their B2B payments within the core software that they use to conduct their day-to-day activities,” TransferMate CEO Sinead Fitzmaurice added.

TransferMate enables businesses and individuals to make cross-border payments in over 201 countries and 141 currencies.

In 2020, the firm secured payments licences in Brazil, Chile and Mexico.

Railpen portfolio manager Julia Diez said: “We are excited to be part of TransferMate’s journey as it seeks to enable companies to cost-effectively digitalise their cross-border payments.

“This investment continues Railpen’s strategy of investing in high quality, innovative growth companies for the long term, which supports our purpose to secure our members’ future.”