LOSSES HAVE DECREASED and revenue is up at TransferMate as the international payments firm gets set to focus more of its efforts on the US market.
The Kilkenny company builds tech solutions for carrying out cross-border payments for companies. It also partners up with banks to use its software.
Latest accounts for 2017 for the company show it had a boost in income, raking in €9.9 million, which is up from €8.7 million the year prior. Losses were €54,676, down from €147,647.
Last year, TransferMate secured regulatory approval in the state of New York, marking its 50th state licence. The company now has full approval in the US.
Financial services companies like TransferMate are often required to get approval in each individual US state that they wish to operate in, which can be a cumbersome and costly process.
TransferMate said in its filings that the New York licence completes a six-year investment in getting fully set up in the market. The company said that its activity in the US market grew 70% in 2017.
Regulatory compliance is cited as a risk for the company in its accounts as it must grapple with tightening rules in each jurisdiction.
“2017 was a year of significant progress in TransferMate’s development as we invested heavily in building out our US presence, including adding a third office in San Francisco,” chief financial officer Sinead Fitzmaurice said in a statement.
“We will continue to significantly expand our global footprint next year, with a number of planned partnerships in the US and Asia, as we become the payments provider with the widest reach internationally.”
The US along with Europe and Australia are TransferMate’s three key markets.
It has offices in New York, San Francisco and Chicago while it hired a new chief revenue officer for the Australian market.
In 2017, one of TransferMate’s co-founders Barry Dowling, who also served as CEO, stepped down from the company and sold his shares. Dowling is now an investor with the Halo Business Angel Network.
Around that same time Gary Conroy, former managing director of Realex Payments, came on board at TransferMate as chief commercial officer.
Terry Clune, another co-founder, currently serves as chief executive.
Since Dowling’s departure, the Kilkenny company secured two significant funding rounds – €30 million from AIB and €21 million from Dutch bank ING. It has now raised over €50 million to date with a reported valuation of €350 million.
The deal with ING includes a partnership where TransferMate will operate international payments for ING’s business customers in Europe.
An average of 200 people are employed by TransferMate across all of its operations.