IRISH PAYMENTS COMPANY TransferMate has signed a deal with West Ham United to provide foreign currency exchange services for the English football club.
TransferMate, a Kilkenny-based company, was founded in 2009 by Barry Dowling, Sinead Fitzmaurice and serial entrepreneur Terry Clune.
Its service allows users to move money to different countries cheaper through beneficial exchange rates and lower banking fees. The company charges users a fee that is variable and dependent on the number, size and destination of payments.
Earlier this year, TransferMate charged a rate of about 0.5% on money transfers, but that has since changed, according to the company, due to shifts in the currency market.
The deal will see the Irish company’s platform used by West Ham to send money abroad to pay transfer fees for players that can be worth millions of euro.
Fitzmaurice said the deal is of “huge significance” to the company and will help cut costs at the club.
“I am confident that our global FX solution will enable West Ham United to continue in their pursuit of attracting the world’s leading footballing talent and skills,” she said.
“By offering the most innovative global payment solutions in the market, TransferMate is set to deliver huge savings for the club into the future.”
As part of the deal, TransferMate will also use various platforms available to West Ham, such as digital channels and stadium advertising, to promote its payment services.
Speaking about the announcement, West Ham United vice-chairman Karen Brady said the partnership with TransferMate is part of the club’s effort to attract the best players.
During the summer, West Ham paid a reported £20 million for Ghanaian international footballer Andre Ayew who transferred to the club from Welsh side Swansea City and £6.2 million on French defender Arthur Masuaku from Greek side Olympiacos.
Billions
In an interview with Fora earlier this year, Dowling said that the company processed $5 billion in payments between 2009 and 2014, and is now handling around $1.5 billion in payments each year.
The company is aiming to book $18 billion in transfers within the next five years and grow its 35,000 strong base of clients.
In 2015, TransferMate announced it invested around €15 million in its operations and software, however the firm is yet to take on any outside funding.
Written by Killian Woods and posted on Fora.ie
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