Dutch multinational banking group ING has revealed plans to invest €21m in Irish B2B payments platform TransferMate.

The investment is part of the bank’s strategy to offer SME customers and corporate clients with “faster, cheaper and easier” payments solutions.

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ING expects that the investment will also aid in eliminating administration and reducing costs. This is expected to be achieved by facilitating customers to send and receive international payments as if they were domestic, using TransferMate’s cross-border API technology and global payment licences.

Next year, ING and TransferMate will also enter a strategic alliance to focus on bringing fast, cheap and easy payments solutions to small and medium-sized enterprise (SME) customers and corporate clients.

TransferMate co-founder and CFO Sinead Fitzmaurice said: “In addition to collaborating with ING, our investment will also focus on expansion of TransferMate into Asia Pacific and we look forward to continuing to execute on our global expansion plans.”

The latest ING investment brings TransferMate’s total series A financing to €51m, of which €30m was contributed by Allied Irish Banks to facilitate expansion across the US, Canada, Australia and Europe.

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ING global head of payments & cards Evelien Witlox said: “ING is dedicated to offering seamless payment solutions and freedom of choice to its customers.

“This investment and partnership adds to ING’s capability of helping customers to save time and money for international payments.”

The investment and partnership are subject to final documentation and expected to close in the third quarter of this year.