ING takes $25 million stake in TransferMate
TransferMate, a cross-border B2B payments service, has received a $25 million investment from ING Group N.V. to accelerate its global expansion.
ING and TransferMate will work together via a strategic partnership and ING is taking a minority stake in TransferMate as part of the deal, the companies said in a Monday press release.
As part of the collaboration, TransferMate’s API-based cross-border payment services will be available to ING’s small-business enterprise and corporate customers, according to the release.
“This investment and partnership with fintech TransferMate adds to ING’s capability to help customers by saving time and money for international payments,” said Evelien Witlox, ING’s global head of payments and cards, in the release.
Dublin-based TransferMate, launched in 2010, recently won a $35 million investment from Allied Irish Banks, bringing the total of outside investments to about $60 million, most of it within the last eight months, according to the release.