Dutch multinational banking and financial services firm ING has invested €21m in international payments platform TransferMate, as part of its efforts to simplify its international payments time.
TransferMate is a global B2B payments technology, which allows companies to send and receive cross-border payments quickly and easier.
TransferMate and ING have also entered into strategic partnership, under which TransferMate will provide services to all SME and corporate clients of ING.
ING Payments and cards global head Evelien Witlox said: ” This investment and partnership with fintech TransferMate adds to ING’s capability to help customers by saving time and money for international payments.”
TransferMate, which offers local ACH in more than 145 countries, collaborates with banks, fintech and software providers to better serve business customers.
TransferMate said it has built one of the largest portfolios of payment licences across the globe, including licences in all 50 US states.
TransferMate incorporates with 20 accounting software systems, enabling to offer an end-to-end payment solution for business customers.
The investment and partnership is subject to final documentation, and is expected to be completed in the third quarter of this year.
Perella Weinberg Partner acted as the exclusive strategic and financial advisor to TransferMate in relation with the deal, while A&L Goodbody served as legal counsel.
Financial Technology Partners and ING FI Capital Structuring and Advisory team acted as the exclusive strategic and financial advisor to ING for this deal, while FitzGerald legal counsel.
TransferMate founder co-founder and CEO Terry Clune said: “TransferMate partners with the leading banks, fintech and software providers across the globe. Working together, we make it cheaper, faster and easier for businesses to make or receive cross border payments.
TransferMate has built a unique technology platform and we are delighted to welcome ING as an investor and partner to help eliminate costly friction points for business partners.”
ING is a global financial institution that offers banking services through its operating company ING Bank. With more than 51,000 employees, ING Bank provides etail and wholesale banking services to customers in over 40 countries.