Dive Brief:

• TransferMate, an Irish business-to-business payments company, said it’s now a payment service provider for retailer juggernaut Amazon, according to a Wednesday press release.
• As part of the partnership, Amazon sellers can use TransferMate to receive their sales disbursements in their preferred currency, per the press release.
• With TransferMate’s services, Amazon merchants will save money on foreign exchange fees by allowing them to transfer funds from their customers’ currencies to their seller currencies, according to TransferMate’s page on Amazon.

Dive Insight:

Since its founding in 2010, TransferMate has added major clients to its roster, including Wells Fargo, Intuit Quickbooks and Barclays, according to its website. The company raised $70 million in May 2022 in an investment round that it said valued the company at $1 billion.

Integrating TransferMate’s payment capabilities is aimed at advancing the e-commerce giant’s efforts to make it easier for merchants to detect fraud and abuse, the company said.

“We’re expanding the ability of Amazon sellers to collect payments across the world in a smart, secure way,” Sinead Fitzmaurice, CEO of TransferMate, said in a statement. “Our virtual accounts will allow Amazon sellers to scale globally into new countries and territories.”  

TransferMate’s U.S. and U.K. clients have turned to the company’s foreign exchange services to assist their clients with international customers managing their cross-border payments. Wells Fargo account holders, for example, can use TransferMate to accept payments from other currencies using the bank’s Global Invoice Connect service, according to its website. Similarly, Barclays partnered with the company in 2023 to enable its businesses transacting in Great British pounds to accept other currencies from their customers abroad.

TransferMate’s efforts to expand globally were bolstered by the 2022 funding round, with the U.K. pension fund Railpen participating, according to a TransferMate press release. The funding enabled the company to hire more employees internationally and develop its technology and product suite, the release said. 

Besides integrating more payment tools for its sellers, Amazon has also introduced more payment options for its customers. In 2023, the e-commerce company extended its buy now, pay later service beyond its app and website and onto other retailers’ websites. The following year, the company integrated PayPal into its Buy with Prime payment tool, allowing shoppers to pay for their Amazon purchases with their PayPal accounts.