By @SimonCocking in conversation with Barry Dowling, Co-founder of TransferMate

Describe the company – the elevator pitch…

TransferMate is a market-leading international solution for businesses worldwide that need to send and receive international payments. Our company is fast growing its global client base with the mission of becoming the first choice for organisations making and receiving international payments.

With locations across Europe, North America and Australasia, TransferMate has invested heavily to create its own global clearing system that enables businesses to avoid the significant expenses and delays that traditionally come with moving money from one country to another and we compete aggressively with PayPal and banks.

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The core premise of the business model is that TransferMate are beating the banks on foreign exchange payments for businesses. For companies sending or receiving international payments, time and cost are essential considerations – we streamline the entire process by providing companies in Ireland and around the world with a better solution via our international bank account network.

How are you different?

Quite simply TransferMate provide a faster, more efficient service – at much better value than the banks.

Up to now, the traditional foreign exchange provider has been the bank. Banks by their very nature are archaic, cumbersome and bogged-down in their old ways. They can’t possibly slice their rates or their margins; it’s their lifeline. Banks can’t adapt to provide a better service for customers – but we can and we do.

Many of the traditional banks charge fees of up to €30e for same day payments and apply a foreign exchange margin of up to 3% – we are significantly cheaper on both fees & rates.

We have invested over €15million to make it easier to both send and receive payments globally. Using our platform, businesses can easily exchange currencies across multiple currency bank accounts. They can also use their system to send and receive international money transfers.

We have invested heavily in adhering to global regulation & we have received numerous international awards for our global payment platform.

We also offer several different services besides international transfers, such as the option for clients to ‘secure’ an exchange rate for several months, enabling our customers to choose a more favourable exchange rate which they can avail of in the future.

Why will the company / product do well?

To-date TransferMate have processed over close to $6billion in international payments on behalf of businesses worldwide.

We are challenging the banks head-on. Typically, they are only able to operate “one leg of the journey”. They usually have to work with partner banks and that legacy partner network results in unnecessary fees, wider foreign exchange margins and delayed payments for customers. We have invested over €15million in building our own bank-to-bank platform, allowing us to collect and pay out funds without needing to pay intermediary banks as we hold over 200 bank accounts across 50 countries – thus speeding up payments and cutting down on fees.

Where are you based?

Ireland, Europe, USA, Canada, Australasia

When was the company launched?

TransferMate was launched in 2009 by Sinead Fitzmaurice, the company’s Chief Financial Officer, myself and leading entrepreneur Terry Clune, famous for the Taxback Group.

We noticed that both business and individuals were losing money using banks as they were being charged substantial bank fees. We had to come up with a way of saving them money.

We started off buying currency at wholesale rates from Irish banks before moving to global wholesale banks that were able to offer more competitive solutions. We have invested in an automated system which can process tens of thousands of client payments every day.

Our goal was to become registered in as many jurisdictions as possible so we could simply use our own network thus speeding up payments & eliminating needless bank charges and passing these savings on to our clients.

TransferMate are now one of the leading foreign exchange companies in the world and our position is set to be further reinforced on foot of the investment and expansion plans we have for the future.

What have been your biggest wins to date?

2011 Secured European Payment Institute license
Released 24 hour online system
partnered with Sage Accounting

2012 Opened offices in Australia
Opened office in Chicago
2012 to present: Secured 47 US state remittance licenses

2013: Secured payment licenses in Australia, New Zealand and Hong Kong
Set up team in Spain, France and Germany

2014 Partnered with MYOB Accounting software in Australia and New Zealand
Set up 24 hour phone support team

2015 Transferred $5billion on behalf of clients.
Launched international receivables solution
Launched accounting add on for QuickBooks and sap business one
Won best in financial services award at the Eir spider awards 2015

2016 USA BIG Innovation Award

TOP 100 CFO Award

Great Place To Work 2016

Team expansion from 105 – 165

What type of people (market segment) are you trying to attract to your product?

TransferMate caters to all markets whether it’s the corporate or individual customers, with a particular focus on business clients. All industries sending or receiving international funds should look at our range of solutions.

Ireland was our biggest market initially; however this has radically changed over time. Ireland was where we proved the concept. We went international pretty quickly though, once we started building the online system we moved into the UK which is now one of our biggest markets.

As well as New Zealand, Australia and the US, the company is well established across greater Europe.

Tell us about your team?

We have one of the best teams in the world, particularly in the areas of IT, Payments, and Compliance. Since the start of this year alone, we have increased our team from 105 to 165. We are continually developing our team in-line with our expansion worldwide.

What are you long term plans for your product / company?

We have just announced plans to double our workforce over 3 years so as to keep pace with the vastly expanding service we provide to business clients all over the country and across the globe. Our partner network is being grown in tandem with this and again, this is an area we will further invest into this year and beyond.

Ultimately, our aim is for TransferMate to be the name people think of when sending or receiving international funds.

Anything else you’d like to add / we should have asked?

We are regulated across the world with our main markets including: The United States, as well as Australia, New Zealand and Europe. An example of the extent of this regulation is that we have to have $1mn on deposit in California alone just to be able to operate in that market. Our dedicated Compliance Team oversee that the international regulatory requirements are met at every stage and we have received awards and global recognition as an industry leader in the FinTech industry for our achievements in this area.

We are proud of the fact that we are 1 of just 3 companies in the world that has achieved this level of regulation.

Another thing that might be useful to readers is that now due to the demand for our service our team now do twice daily demos for businesses all over the world that are looking to use our service. We would encourage any business still using the bank for forex payments to come take a look at our offering and see how they can save money immediately.

How do people get in touch with you?

We are always on. From Melbourne to Mizen Head clients have access to our team 24 hours a day.

Visit our website – www.transfermate.com

Call our team – 01 6353700

Email – [email protected]


If you would like to have your company featured in the Irish Tech News Business Showcase, get in contact with us at [email protected] or on Twitter: @SimonCocking

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