TransferMate acquires Devisenwerk

Wednesday 19 December 2018 13:00 CET | News

Irish B2B payments provider TransferMate has acquired Swiss-based FX paytech Devisenwerk.

Financial details were not disclosed.

As reported in July 2018, ING said it will invest EUR 21 million in TransferMate as they seek out more SME customers and corporate clients.

In November 2017, AIB invested EUR 30 million in TransferMate in exchange for a small minority equity stake.

TransferMate says it has full state-by-state licence approval in the US, so businesses can enter new markets while dealing with cross-border payments in multiple currencies.

It also allows integration into various back-end accounting systems – including Intuit, MYOB, Sage, Netsuite, SAP Business One and Xero. The company says it has a network of 200+ domestic bank accounts in over 50 countries.

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Keywords: TransferMate, Devisenwerk, B2B payments, FX , cross-border payments, paytech
Countries: World