The new e-money licence enables TransferMate to offer extended services to their customers and partners. Company customers can now store multiple currencies with TransferMate indefinitely and easily settle outward remittances in real time.
By acquiring the new licence, TransferMate becomes Ireland’s 22nd registered Electronic Money Institution.
“Acquiring the EMI authorisation is part of our continued investment into our product suite and expanding the value we can deliver for our clients”, CEO of TransferMate Sinead Fitzmaurice said. “We already facilitate billions of transactions on behalf of our customers and partners, from SMEs to large enterprises, and the e-money licence will be a key part of the global payments infrastructure that they leverage.”
The move comes after the company secured $70m in investment to fund the global expansion of its B2B cross-border payments in May 2023. In 2018, ING decided to invest $23m in TransferMate to help the payments infrastructure provider eliminate administration and reduce costs, as well as offer SME customers and corporate clients “faster, cheaper and easier” payment solutions.
“At TransferMate, we have always looked to build a solid, sustainable operation based on becoming an entity that is a world leader in regulation and compliance”, said Terry Clune, Founder of TransferMate. “We have some of the toughest regulations in Europe, and it is a real achievement to acquire the EMI authorisation. It shows that constructing strong foundations pays off in the long-run and ultimately delivers greater value to the marketplace.”
Founded in 2010, TransferMate has since secured $130m from marquee investors. Around $56m in investments came from ING Group N.V. and Allied Irish Bank, the company claims on its website. TransferMate is currently headquartered in Kilkenny, Ireland.