“Can a non-bank, globally-licensed payments network become the default embedded cross-border rail for banks and software platforms?”
TransferMate was founded in 2010 as an Irish cross-border payments business and evolved into an embedded B2B payments infrastructure platform licensed in ~100 jurisdictions. It positions itself as the largest non-bank global licensing network, selling API-driven payables, receivables, multi-currency virtual accounts, and FX forwards to banks (Wells Fargo, ING), software platforms, and fintechs rather than to end consumers. Reached unicorn status in 2022 with a $70M round led by UK pension fund Railpen.
TransferMate discloses TransferMate (in-house) as its banking provider, according to the Embedded Finance Index 2026.
TransferMate does not disclose a bank charter of its own; its banking services are provided through TransferMate (in-house).
TransferMate processes payments through Worldpay.
TransferMate uses Onfido, GBG, Equifax, Dun & Bradstreet, ComplyAdvantage and Vivox.ai for KYC and identity verification.
TransferMate uses TransferMate (in-house) for FX and cross-border payouts.
TransferMate uses ComplyAdvantage for fraud prevention.
The Embedded Finance Index 2026 maps 5 layers in TransferMate's stack: Payments / PSP (Worldpay); Banking / BaaS (TransferMate (in-house)); KYC (Onfido, GBG, Equifax, Dun & Bradstreet and 2 others); FX & payouts (TransferMate (in-house)); Fraud (ComplyAdvantage).
TransferMate was founded by Terry Clune and is founded in 2010, headquartered in Kilkenny, Ireland.
TransferMate has raised $130M in total (latest round: $70M (May 2022); valuation: $1B (2022)).
Get a read on where your own stack stands against TransferMate and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.