TransferMate Secures $70m Funding Round to Accelerate Innovation in B2B Cross-Border Payments and Expand Its Global Presence; Company Valued at $1BN
TransferMate, the world’s leading provider of B2B payments infrastructure as-a-service, today announced a $70M funding round bringing the company to a valuation of $1BN and $130M of total funding. Railpen, one of the largest UK pension funds, managing £37 billion, participated in the round.
TransferMate has grown its global licensing infrastructure and banking network to be one of the widest in the industry and has been chosen as the partner of choice to power B2B payments products for some of the largest software platforms, innovative banks and Fintechs in the world. This funding round which consists entirely of primary capital will be used to expand its teams globally and further invest in its technology innovation and product suite.
"We are delighted to welcome Railpen as a shareholder at this exciting time,” said Terry Clune, TransferMate’s Founder. “By combining our technology and our global licence network, we empower software providers, banks and fintechs to deliver payments dramatically faster & cheaper than the traditional SWIFT system. We will use this investment to continue to recruit senior financial talent who can help broaden our customer base.”
"Since the very beginning we have been on a mission to set new standards in how businesses make and receive international payments. Our commitment to deliver real-time transparency and speed when businesses are conducting cross border payments has resulted in TransferMate becoming the global B2B payments infrastructure of choice for the world’s leading procure-to-pay and spend management platforms,” said Sinead Fitzmaurice, CEO of TransferMate. "This investment will allow us to accelerate our mission to drive innovation as businesses seek to digitise their B2B payments within the core software that they use to conduct their day-to-day activities.”
This new round of investment together with the $1BN valuation further sets TransferMate apart as the world’s most comprehensive independent B2B payments network. It allows businesses and individuals to make cross-border payments in more than 201 countries and 141 currencies, as easily and cost-effectively as if making a domestic funds transfer, and with complete transparency of the transaction through to the point of final reconciliation.
“We are excited to be part of TransferMate’s journey as it seeks to enable companies to cost-effectively digitalise their cross-border payments,” said Julia Diez, Portfolio Manager at Railpen. “This investment continues Railpen’s strategy of investing in high quality, innovative growth companies for the long term, which supports our purpose to secure our members’ future.”
The funding round was managed by Barclays Bank PLC, acting through its investment bank.
If you would like to learn more about TransferMate’s infrastructure as a service, please contact us here.
About TransferMate
TransferMate – a subsidiary of CluneTech — is the world’s leading provider of B2B payments infrastructure as a service, enabling companies to send and receive cross-border payments faster, easier and at lower cost. TransferMate, under the leadership of Clune and CEO Sinead Fitzmaurice, has built one of the largest portfolios of payments licenses worldwide, including 51 US states and territories, to support trading in more than 201 countries and 141 currencies. Leading banks, fintechs and software providers partner with TransferMate to offer an enhanced user experience for their business customers. The company has created bespoke integrations for banks like ING and AIB, who are also investors in the company. The TransferMate API solution allows partners to digitalise the payments flow within their software, enabling all businesses to achieve significant time and financial savings.
Info – https://www.transfermate.com/
About Railpen
Railpen one of the UK’s largest and longest established pension funds whose Fintech investments include Starling Bank and Bill.com. Railpen is responsible for the safekeeping and investment of circa £37 billion on behalf of the scheme’s 350,000 members.
About Barclays Bank PLC
Barclays Bank PLC which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority, is acting for Transfermate only in connection with this funding round.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220522005038/en/
Contact information
For all media enquiries:
Fiona MacCarthy
Group Head of Communications, Clunetech
Tel: +353879314131
Email: fiona.maccarthy@clunetech.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
AdvanCell Initiates Phase 2 Expansion Trial of ADVC001, a Novel Targeted Alpha Therapy for Prostate Cancer2.12.2025 15:00:00 EET | Press release
AdvanCell, a clinical-stage radiopharmaceutical company developing innovative targeted alpha therapies for cancer, today announced the initiation of the TheraPb Phase 2 expansion trial (NCT05720130) evaluating its lead investigational candidate, ADVC001, in metastatic prostate cancer. The news follows the encouraging Phase 1b dose escalation results presented at the European Society for Medical Oncology (ESMO) 2025 congress that showed a favorable safety profile and compelling anti-tumor activity for ADVC001 in patients with mCRPC (see press release). ADVC001 is a first-in-class 212Pb-PSMA RLT in clinical development, with early data indicating a differentiated and competitive profile both within and beyond its class. Development is advancing rapidly; the Phase 1b therapeutic cohorts were enrolled within ten months, and the commencement of Phase 2 expansion sustains this strong program momentum. The TheraPb Phase 2 expansion will evaluate ADVC001 at two therapeutic dose levels – 160 MB
Luma AI Opens for International Business With Former WPP Executive Jason Day Leading New London Office2.12.2025 15:00:00 EET | Press release
Luma AI, the frontier artificial intelligence company building multimodal AGI intelligence and known for its flagship product Dream Machine, today announced a major step in its global expansion with the opening of its first international office in London, UK. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251202217704/en/ LUMA AI OPENS FOR INTERNATIONAL BUSINESS WITH FORMER WPP EXECUTIVE JASON DAY LEADING NEW LONDON OFFICE As creative economies decentralize and new production hubs emerge across EMEA, Luma AI is positioning its capabilities where creative work is increasingly being produced - not just consumed. To build intelligence that truly serves global creators, Luma AI will work alongside them in their markets, cultures, and workflows. London is the first step in that strategy, as it has the unique position as a global center of advertising, brands, and entertainment. “With this Series C raise and the upcoming build-out
Aurigene Oncology Limited Announces Encouraging Initial Data From 1 st Two Cohorts of Phase 1 Study of AUR112, an Oral Small Molecule Inhibitor of MALT1, in Relapsed/Refractory Lymphoid Malignancies2.12.2025 15:00:00 EET | Press release
Aurigene Oncology Limited, a clinical-stage biopharmaceutical company developing novel therapies in oncology,today announced initial clinical results from 1st two cohorts of its ongoing Phase 1 clinical trial evaluating AUR112 in patients with relapsed or refractory lymphoid malignancies. Early findings show that AUR112 is safe, well tolerated, demonstrating meaningful clinical activity, with objective responses observed across multiple lymphoma subtypes, including Mantle Cell Lymphoma (MCL) and Marginal Zone Lymphoma (MZL). “We are very encouraged by the early results of the first two cohorts from our Phase 1 study of AUR112,” said Dr. Murali Ramachandra, CEO. “AUR112 has shown a promising initial clinical profile, achieving an overall response rate of 63.6% in the efficacy-evaluable population and 58.3% in the intent-to-treat group. These strong early data, combined with its distinct preclinical and safety characteristics, reinforce our belief that AUR112 has the potential to become
Eventbrite Enters into Definitive Agreement to Be Acquired by Bending Spoons for Roughly $500 Million to Accelerate Eventbrite’s Next Phase of Growth2.12.2025 14:30:00 EET | Press release
Eventbrite, Inc. (NYSE: EB), the leading global marketplace for shared experiences, announced today that it has entered into a definitive agreement to be acquired by Bending Spoons, in an all-cash transaction valued at approximately $500 million. The acquisition is subject to customary closing conditions and approvals, including regulatory approvals and approval by Eventbrite’s stockholders. “For two decades, Eventbrite has stood at the forefront of the experience economy, helping tens of millions to create, discover, and attend unforgettable events,” said Luca Ferrari, Bending Spoons CEO and Co-Founder. “Joining forces with Bending Spoons will accelerate innovation and strengthen Eventbrite’s tools and resources to bring even more people together through shared live experiences for many years to come. As longstanding fans, we’ve identified a few opportunities that we’re excited about exploring with the Eventbrite team after closing the transaction. These include building a dedicated m
Armis Recognized for Innovation; Named to Inc. Best in Business List for the Second Consecutive Year2.12.2025 14:00:00 EET | Press release
Armis, the cyber exposure management & security company, today announced that it has once again been named to Inc.’s Best in Business list, specifically highlighted in the Best in Innovation category for 2025. Inc.’s annual Best in Business Awards celebrate the exceptional achievements and contributions of companies that have made a profound impact on their industries and on society at large. “Armis rapidly innovates and continuously enhances our comprehensive Cyber Exposure Management Platform so that global organizations can proactively protect against cyber threats before there’s any impact,” said Yevgeny Dibrov, CEO and Co-Founder of Armis. “Unlike other solutions on the market, Armis addresses the entire lifecycle of managing cyber threats so that security teams no longer reactively respond to breaches. This is a strategic and monumental shift for the industry to stay a step ahead of threat actors and hugely beneficial to keeping society as we know it safe from disruptions.” Since
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom