International outlook key for Kilkenny-based TransferMate

As one of the leading indigenous financial technology companies TransferMate has played its part in developing Ireland’s reputation internationally but looking beyond these shores is paying significant dividends for its own user base too.

More than 80% of the Kilkenny-based company’s business now comes from overseas as the outward focus it adopted early in its existence continues to bear fruit.

In particular, achieving regulation right across most of the western world offers the company a significant advantage over its competitors.

“We didn’t look at Ireland alone as the market for our service, but the globe, which naturally brought challenges. It is a very onerous task to get regulated in new jurisdictions.

“Each new market requires enormous investment in people, systems, finance and time,” said TransferMate managing director Barry Dowling.

“We are now regulated in 60 jurisdictions, including 26 countries across Europe and every state in the US, as well as Canada, Hong Kong, Australia and New Zealand.Virtually no other company in the world has the same level of regulation that Transfermate have — something which we are very proud of as an Irish business.”

One example of its commitment to broadening its international footprint is the $1m it has on deposit in California alone to be able to operate in that market.

The currency exchange platform which offers an alternative to banks for companies making foreign payments has developed from its humble beginnings into a global organisation with offices across Europe and beyond.

Of its 120 staff the majority are based in Ireland with the remainder in Spain, France, the UK, Australia, New Zealand, US and Canada meaning there’s also someone on call across the globe.

Having an international focus also helps diversify the business and shield it from global currency movements such as the recent euro weakness.