Business Irish

Sunday 25 February 2018

Clune's Transfermate eyes sale of minority equity stake

Sinead Fitzmaurice
Sinead Fitzmaurice
Gavin McLoughlin

Gavin McLoughlin

Terry Clune's currency transfer business Transfermate is in talks with potential investors about selling a minority equity stake in the business.

The company is looking to raise capital to accelerate its growth, which is on course to be in the order of 40pc this year in revenue terms, according to the company's co-founder and chief financial officer, Sinead Fitzmaurice.

Fitzmaurice told the Sunday Independent that Transfermate - established in 2011 - may also look to raise debt.

"Our five-year plan focuses on aggressively expanding our global sales force...funded through an equity growth partner with experience in aggressive global scale of financial services and IPO preparation," Fitzmaurice said.

Clune, a co-founder of the business alongside Fitzmaurice and Transfermate's managing director Barry Dowling, told the Sunday Independent that the company's strategic focus has been to secure a global network of regulatory approvals.

"Rather than building a brand, acquiring a massive customer base and taking in investment, instead we've spent internal funding building a network...we've got 49 out of 50 licences in the States," he said, adding that around $8bn has passed through Transfermate's system thus far.

Fitzmaurice said Transfermate is in "active dialogue with 25 challenger banks across Europe who are eager to provide two-way transmission of funds between Europe, USA, Australia and Canada."

Established in 2011, it focuses on business-to-business services.

Peter Oakes, former director of enforcement at the Central Bank of Ireland, has recently joined Transfermate's board.

The company has also hired Danny Cassidy as head of growth. Cassidy was previously a senior sales director at Misys, a UK-based financial services software firm currently plotting a London IPO.

Transfermate is part of Clune's Taxback Group, other arms of which provide services including tax refund assistance.

Sunday Indo Business

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