Tuesday 17 September 2019

TransferMate buys Swiss payments firm

Sinead Fitzmaurice, Co-founder & CFO of TransferMate Global Payments
Sinead Fitzmaurice, Co-founder & CFO of TransferMate Global Payments

Fearghal O'Connor Deputy Business Editor

TransferMate has struck a Swiss acquisition deal that will give the rapidly-expanding global payments firm direct access to one of the world's most important financial hubs.

The deal to buy Devisenwerk is an important one for the Kilkenny-based company, said co-founder and chief financial officer Sinead Fitzmaurice.

"Devisenwerk is a young company but this deal gives us immediate market entry into Switzerland, allowing us to both pay out and collect in what is a very significant market, particularly in terms of corporate activity."

TransferMate - a part of Terry Clune's Taxback Group and which has added 170 jobs in the past year alone - has regulatory approval across the EU, the US and a range of other markets.

Switzerland is an important market for corporate funds and for investment banking for high-net-worth individuals.

"Not many others have direct clearing access to Swiss banks and this acquisition provides that for us," she said.

Devisenwerk co-founder Matthaus Jamroz said he was delighted to become part of TransferMate.

"Combining Devisenwerk AG's Swiss payments licence with the B2B technology and global regulatory network of TransferMate will provide Swiss businesses with a compelling efficient real-time payment solution when moving money in and out of Switzerland," he said.

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