AIB invests €30m in Clune payments firm TransferMate

AIB has invested €30m in TransferMate in exchange for a small minority equity stake in the Kilkenny-based fintech company, the Sunday Independent has learned. The investment values the rapidly-growing international payments company at €250m to €300m, according to a source.

TransferMate – part of businessman Terry Clune’s Taxback Group – enables companies to transfer money internationally more quickly and for substantially lower fees than standard bank transfers. The two have also agreed a strategic partnership focused on providing Irish businesses access to the global payments technology platform. TransferMate has already transferred over €10bn to more than 100 countries since 2010 and secured a worldwide network of valuable regulatory licenses.

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