TransferMate buys Swiss FX payments firm Devisenwerk
December 18, 2024
By: Payment Week
18 December 2024 – TransferMate, one of the world’s leading cross-border B2B payments provider, today announced that it has agreed to acquire Swiss-based FX payments firm Devisenwerk, in a deal that will give TransferMate direct access to one of the world’s most important financial hubs.
Sinead Fitzmaurice, co-founder and CFO of TransferMate, said: “We are delighted to announce this acquisition, which is an important step in the global growth of TransferMate. Devisenwerk is an exciting and innovative young company, which gives us immediate market entry into Switzerland, allowing us to both pay out and collect in a very significant market for corporates. Very few payments companies have direct clearing access to Swiss banks and this acquisition provides that for us.”
Devisenwerk co-founder Matthaus Jamroz said: “We are delighted to become part of TransferMate. Combining Devisenwerk’s Swiss payments licence with the innovative B2B technology and extensive global regulatory network of TransferMate will provide Swiss businesses with a compelling real-time payment solution when moving money in and out of Switzerland.”
Terry Clune, co-founder & CEO of TransferMate said: “We are delighted to welcome Devisenwerk’s team to TransferMate. 2018 has been a year of rapid growth for TransferMate, with investment and strategic partnerships with both ING and AIB. TransferMate partners with leading banks, fintech and software providers across the globe to make it cheaper, faster and easier for businesses to make or receive cross border payments.”
With Transfermate’s extensive global regulatory footprint and full state-by-state license approval in the US, not to mention its bespoke payment technology solution, businesses can enter new markets while easily dealing with cross border payments in multiple currencies.
About TransferMate
TransferMate is the smartest solution for businesses worldwide to both send and receive international payments. Using its online platform and global banking infrastructure it virtually eliminates the cost of sending international business payments by collecting and sending payments using its own banking network. Its clients benefit from better exchange rates, lower bank transfer fees and direct integration into their back-end accounting systems including Intuit, MYOB, Sage, Netsuite, SAPB1, SAPR3 and Xero.
Today, TransferMate has one of the broadest regulatory approvals in the industry and a global network of 200+ domestic bank accounts in over 50 countries.
