ING investment simplifies international payments
30 July 2018
ING announced yesterday (29 July) that it will invest in international payments platform TransferMate to provide SME customers and corporate clients with faster, cheaper and easier payments solutions.
“ING is dedicated to offering seamless payment solutions and freedom of choice to its customers,” said Evelien Witlox, global head of Payments & Cards at ING.
“This investment and partnership adds to ING's capability of helping customers to save time and money for international payments.”
International payments, the domestic way
Together with banks, fintechs and software providers, TransferMate has built one of the most extensive network of payment licenses in the financial industry. Apart from offering customers a broader choice of payments solutions, ING’s investment helps eliminate administration and reduce costs, allowing customers to send and receive international payments as if they were local.
“ING is a frontrunner in innovation, and TransferMate is delighted to be working with one the most innovative banks in the world,” said Sinead Fitzmaurice, co-founder and CFO of TransferMate.
“In addition to collaborating with ING, our investment will also focus on expansion of TransferMate into Asia Pacific and we look forward to continuing to execute on our global expansion plans.”
The partnership will start in 2019. ING's investment of €21 million is part of a total funding of €51 million raised by TransferMate in the past eight months.
Read the TransferMate press release.