Irish B2B payments platfrom TransferMate has agreed to purchase Swiss forex payments firm Devisenwerk for an undisclosed sum.
According to TransferMate co-founder and CFO Sinead Fitzmaurice, the acquisition offers the firm “immediate market entry into Switzerland”.
Fitzmaurice termed Switzerland as a ‘very significant market for corporates”.
Devisenwerk co-founder Matthaus Jamroz said: “Combining Devisenwerk’s Swiss payments licence with the innovative B2B technology and extensive global regulatory network of TransferMate will provide Swiss businesses with a compelling real-time payment solution when moving money in and out of Switzerland.”
Earlier this year, TransferMate secured a €21m funding commitment from Dutch banking group ING. In exchange, the bank picked a minority equity stake in the payments provider.
ING and TransferMate also announced a strategic partnership to offer the payment firm’s services to its SME and corporate clients.
The capital brought the payment firm’s total series A funding to €51m.
Last year, TransferMate secured €30m investment from Allied Irish Banks to ramp up growth in the US, Canada, Australia and Europe.