Profits rising at Taxback Group subsidiary TransferMate

TransferMate, the international payments firm established by Taxback Group founder Terry Clune, recorded strong growth last year as revenues jumped 18 per cent.

Recently-filed accounts for Interpay Limited, which trades as TransferMate, show gross profits increased to €9.8 million from €7.9 million as pretax losses rose to €147,647 from €127,918 a year earlier.

The company, which employs close to 200 people at offices across Europe, North America and Australasia, has more than 7,000 corporate clients globally. To date, $10 billion has been sent through TransferMate’s business payments infrastructure to more than 200 countries.

The company was established by Mr Clune, Barry Dowling and Sinéad FitzMaurice in 2010. The Taxback Group employs 950 people worldwide and is believed to be worth an estimated €250 million. Its subsidiaries also include Immedis.