Business Irish

Sunday 18 March 2018

TransferMate co-founder to sell his shareholding

Transfermate co-founder Barry Dowling is leaving the business
Transfermate co-founder Barry Dowling is leaving the business
Gavin McLoughlin

Gavin McLoughlin

Transfermate co-founder Barry Dowling is leaving the business.

Dowling announced on social network LinkedIn that he has entered into an agreement to sell his shares.

He did not say who was buying his interest in the international payments business, which is part of Terry Clune's Taxback Group.

"Having co-founded TransferMate and, as CEO, grown the business from an idea to a fast-growing international payments success story with staff, clients and partners all over the world, I have now accepted an offer to sell my shares," Dowling said in a post on Friday.

"In doing so, I leave a strong team that I am extremely proud to have worked with, many of whom I consider to be friends for life. This presents a great opportunity for me now to focus on new business avenues.

"I would like to thank all of those clients and partners worldwide who have chosen TransferMate's award-winning service and most especially our team for all their dedication and hard work. I look forward to hearing about TransferMate's success into the future."

The news emerged after the Sunday Independent revealed last week that Gary Conroy, the former managing director of Realex Payments, has joined TransferMate as chief commercial officer.

Conroy was made Realex boss after the company was sold by its founder Colm Lyon to US business Global Payments in a €115m deal. He is responsible for driving TransferMate's growth around the world.

Last year, one of Dowling's co-founders alongside Clune, Sinead Fitzmaurice, said the company was looking to raise capital to help fuel growth.

"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 told the Sunday Independent.

Sunday Indo Business

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