TransferMate buys Swiss FX firm to expand B2B payments
TransferMate, a cross-border B2B payments provider based in Ireland, has announced plans to buy Devisenwerk, a Swiss foreign exchange firm, to expand its capabilities and geographic reach.
The move will give TransferMate immediate market entry into Switzerland, a significant financial hub for international corporations, TransferMate said in a Tuesday press release.
“Very few payments companies have direct clearing access to Swiss banks and this acquisition provides that for us,” said Sinead Fitzmaurice, TransferMate’s co-founder and CFO, in the release.
“Combining Devisenwerk’s Swiss payments license with the innovative B2B payments 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,” said Matthaus Jamroz, Devisenwerk’s co-founder, in the release.
TransferMate, which launched in 2010 in Kilkenny, received a $25 million investment earlier this year from ING Group, N.V., for a total of $60 million in total investor funding.
Devisenwerk was established in 2015, focusing on currency-exchange services for SMBs and high net-worth individuals.
Terms of the deal were not disclosed.