The company plans to use the funding to expand its global teams and enhance its product suite. Here are the top-line bullets you need to know.
TransferMate, an international payments and money transfer company, has raised $70M in funding from the Railway Pension Trustee Co. Ltd. (Railpen).
HOW’S THE COMPANY PERFORMING?
- Ireland-based TransferMate, a subsidiary of CluneTech, makes it easier for companies to send and receive cross-border payments.
- It supports cross-border payments in 201+ countries and 141 currencies.
- TransferMate has established partnerships with major software platforms, banks, and fintech firms, including Deloitte, ING, AIB, Barclays, SAP Concur, and Wells Fargo.
- The startup has 15 offices spread across Ireland, the US, the UK, Bulgaria, Hong Kong, Canada, Mexico, Singapore, Dubai, Australia, and New Zealand.
Source: TransferMate
WHY DOES THE MARKET MATTER?
- The global payment-as-a-service (PaaS) market is expected to reach a value of $25.7B by 2027, growing at a CAGR of 16.9%, according to Grand View Research.
- The increasing adoption of digital wallets and the widespread shift to cloud-based models to cut costs are also driving significant growth in the PaaS market.
