TransferMate achieves unicorn status with $70 million fundraiser

Irish business-to-business payment infrastructure company TransferMate has secured $70 million in new funding, at a new valuation of $1 billion.

One of the UK’s largest pension funds, Railpen, participated in the round.

In total, it brings the amount raised by the Kilkenny-based company to $130 million.

TransferMate is a subsidiary of CluneTech, which was founded, managed and owned by Terry Clune, the founder and owner of Taxback.com.

Since its founding 12 years ago, the company has built one of the largest portfolios of payment licenses worldwide, including 51 states and US territories, to support commerce in more than 201 countries and 141 currencies.

The company’s API allows customers to digitize payments within its software, saving them time and money.

“We are delighted to welcome Railpen as a shareholder at this exciting time,” said Terry Clune.

“We will use this investment to continue recruiting senior financial talent who can help expand our client base.”

The company also said that the funding, which consists entirely of primary capital, will be used to further invest in its technology.

The valuation propels TransferMate to so-called unicorn status.

It also makes it the first Irish unicorn to be led by a female CEO, Sinead Fitzmaurice.

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