TransferMate

TransferMate

Available in	Multilingual
Headquarters	Kilkenny, Ireland
Area served	Globally
Key people	Barry Dowling (Co-Founder) Terry Clune (Chairman) Sinead Fitzmaurice (Co-Founder)
Services	Money transfers
Employees	165+ (2016)
Parent	The Taxback Group
Slogan(s)	"A Smarter Way to Send and Receive International Payments"
Website	www.transfermate.com
Registration	Yes
Launched	2010 (2010)
Current status	Active

TransferMate is an international payments company launched in 2010 by Terry Clune, Barry Dowling and Sinead Fitzmaurice.^[1] It is headquartered in Kilkenny, Ireland and has offices in Dublin, London, Paris, Berlin, San Francisco, New York, Toronto, Sydney, Hong Kong and many more.^[2] Over $5 billion has been transferred through TransferMate for an array of clients.^[3] TransferMate have their own banking network with accounts in over 50 countries.^[4]

History

TransferMate was launched in 2010 by Terry Clune, Barry Dowling and Sinead Fitzmaurice, a company under The Taxback Group, which consists of 6 other sister companies.^[5] The Taxback Group started with Taxback.com, a company set up to ease the procedure of claiming tax back on earnings in Ireland and abroad. From this, Taxback International was established for businesses to claim tax back on expenditure abroad.^[6]

Starting in 2010, the company grew quickly expanding year on year to 165 employees to date.^[7] Instead of using intermediary banks to make transfers, TransferMate took the long route and set about setting up their own accounts across the world, leading to over 200 accounts in 50 countries to date allowing them to transfer with ease through their own banking network.^[8] From day one, TransferMate also set about receiving global regulation, year on year expanding their business territory, leading to today being globally regulated in Europe, Australasia, Canada and state wide in the U.S.^[9]

As the company continued to expand year on year the company heavily invested in their technology to create a 24/7 online FinTech system to allow their customers to make transfers at ease online.^[10] TransferMate embarked on creating a complete end-to-end solution that would allow them to receive funds locally and then also make payments locally too, eliminating the need for intermediary banks and significantly reducing international transfer fees.^[11] TransferMate’s unique software, which was developed entirely in-house has successfully been incorporated into the world’s top accounting providers, namely MYOB, QuickBooks, XERO, Sage, NetSuite and SAP.^[12][13] These free add-ons allow businesses to streamline payments and eliminate double entry between banks and their business systems.^[14]

How it works

International transfers work rather traditionally with TransferMate from the client’s perspective. The customer through the phone or the online system, orders their transfer by choosing their recipient and a currency, the money is then taken from their account and soon the recipient receives the payment in the chosen currency. However TransferMate are different to their competition by using their own global network, a solution that allows them to receive funds locally and then also make payments locally too, eliminating the need for intermediary banks and significantly reducing international transfer fees, beating the banks every time.^[15][16]

Media Attention

TransferMate have been recognized globally for the work they do.^[17] They have won numerous awards including Big Innovation Award 2016 for Most Innovative Payment Solutions,^[18] eirSpiders 2015: Best in Financial Services,^[19] 2016 USA-Ireland Research Innovation Award^[20] and more.^[21]

TransferMate have been featured in many articles including 7 Great Business to Watch by Irish Tech News,^[22] CFO Sinead Fitzmaurice featured in Women in Business in the London Business Journal.^[23] Many media outlets including The Sunday Business Post, Business & Finance and Irish Tech News regularly quote TransferMate.^[24]

References