TransferMate secures regulatory approval for US expansion

Monday 17 December 2018 11:00 CET | News

Ireland-based B2B payments TransferMate has secured regulatory approval in the state of New York, marking its 50th state licence.

The Kilkenny company builds tech solutions for carrying out cross-border payments for companies. It also partners up with banks to use its software. Financial services companies like TransferMate are often required to get approval in each individual US state that they wish to operate in.

TransferMate said in its filings that the New York licence completes a six-year investment in getting fully set up in the market. The company said that its activity in the US market grew 70% in 2017. Regulatory compliance is cited as a risk for the company in its accounts as it must grapple with tightening rules in each jurisdiction. The US along with Europe and Australia are TransferMate’s three key markets.

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Keywords: TransferMate, company expansion, US, New York, B2B payments, regulatory compliance, North America, cross-border payments
Countries: World