The minority stake investment, which is awaiting approval from the Central Bank of Ireland, reportedly values the company at €250-€300 million.
Alongside the investment, TransferMate has inked a partnership with the bank to provide international payment services for businesses at lower transaction costs. The AIB partnership will help expand the company’s reach domestically, it said.
“Cross-border B2B payments can be complex, time-consuming and expensive for businesses,” said CEO Terry Clune in a statement.
According to the company, more than $10 billion has been sent through its services since 2010 when it was founded.
“With this investment we will expand our commercial teams across the USA, Canada, Australia and Europe, whilst growing our head office, commercial and technology functions in Ireland,” added Clune. “This partnership is a great example of how a leading bank and a fintech company can work together to improve their customers’ experiences.”
TransferMate has also appointed former Realex Payments managing director Gary Conroy as its new chief commercial officer and Rafael de la Vega, former director of global partnerships at Intuit, as North American board advisor.