InterPay Limited

E-money or payment institution · Kilkenny, Ireland

InterPay Limited trades as TransferMate and is the Irish electronic money institution at the centre of the TransferMate group, authorised by the Central Bank of Ireland and passported across the EEA. It moves cross-border payments for businesses, banks and software platforms rather than running high street accounts. Its products are embedded payments through an API, international receivables, Global Accounts holding more than 35 currencies with 31 carrying their own BIC and IBAN, and FX forwards for hedging. The group says it holds 100 of its own licences, reaches over 200 countries and territories in more than 140 currencies, and processed about USD 75 billion in a year across more than three million transactions. Partners include SAP Concur, Coupa and Wells Fargo.

Legal name: InterPay Ltd trading as TransferMate
Regulated by: Central Bank of Ireland (InterPay Ltd t/a TransferMate, electronic money institution for the EEA), FINTRAC and Revenu Quebec (Interpay Ltd, Canadian MSB, Quebec licence 12725) plus Bank of Canada payment service provider registration, Dubai Financial Services Authority (Interpay Ltd representative office F005449), Financial Conduct Authority (Interpay UK Ltd, EMI 900930), FinCEN and 51 US states and territories (TransferMate Inc), Monetary Authority of Singapore (TransferMate PTE Ltd, Major Payment Institution PS20200412), ASIC and AUSTRAC (TransferMate PTY Ltd, AFSL 514851)
Licence confirmed: yes, on a regulator's own list
Established: 2010
Website: www.transfermate.com

Scores, 0 to 10

8.0Cross-border payments, FX and multi-currency accounts

Payments in more than 140 currencies into over 200 countries and territories on 100 of its own licences, Global Accounts in 35 plus currencies and FX forwards to lock rates; margins are not published. Global Accounts in 35 plus currencies with their own BIC and IBAN, FX forwards for hedging, an API for embedded payments and certification with SAP S/4HANA, but no cash pooling and no credit. · source

7.0Europe (EU, EEA, Switzerland)

InterPay Ltd t/a TransferMate is authorised by the Central Bank of Ireland as an electronic money institution and operates across the EEA, with euro Global Accounts carrying their own IBAN. · source

7.0Fintech companies that need a partner bank

Selling payment rails to banks, financial institutions, software providers and fintechs is the stated core business, with 100 of its own licences and partners including Wells Fargo, SAP Concur and Coupa; it offers no safeguarding accounts or BIN sponsorship. · source

7.0Customer satisfaction

Trustpilot 4.0 out of 5 from 488 reviews with 76% five star and 13% one star, and replies to 88% of negative reviews. · source

6.5United Kingdom

Interpay UK Ltd t/a TransferMate is an FCA electronic money institution, registration 900930, with GBP Global Accounts, but it is not a bank and there is no FSCS cover. · source

6.0United States

TransferMate Inc is a FinCEN registered money services business licensed across 51 US states and territories, with USD accounts, but it holds no US bank charter. · source

6.0Canada

Interpay Ltd t/a TransferMate is a registered MSB with FINTRAC, holds Quebec money service business licence 12725 and a Bank of Canada payment service provider registration, with CAD Global Accounts. · source

6.0Asia-Pacific (SG, HK, AU, JP, KR)

Licences across four APAC hubs and beyond: MAS Major Payment Institution PS20200412, ASIC AFSL 514851 with AUSTRAC, Hong Kong Money Service Operator 19-06-02799, Malaysia central bank licence 00750 and New Zealand FSP1005459. · source

6.0Online businesses: e-commerce and SaaS

International receivables and local collection through Global Accounts in 35 plus currencies, but no card acquiring, no chargeback handling and no marketplace payout product. API-first embedded payments, Global Accounts for receiving in USD, EUR and GBP, and certification with SAP S/4HANA and Amazon plus integrations with SAP Concur and Coupa, but no card and no revenue-based financing. · source

5.5Financial strength & stability

Reached unicorn valuation in 2022 with over EUR 120 million raised from AIB, ING, Railpen and Marshall Wace and about USD 75 billion processed a year, but it publishes no accounts and holds no rating. · source

5.0Fast digital onboarding

Onboarding runs online through the platform, but no typical time to open is published and reviewers describe verification as heavier than at competitors. · source

5.0Foreign-owned & non-resident companies

The group holds licences in 13 jurisdictions and pays into more than 200 countries, so foreign-owned companies are normal customers, but no list of accepted countries of incorporation or residence is published. · source

4.5Latin America, Africa & South Asia

Mexico is covered by CNBV registration 22515 and the Philippines by BSP money service business licence 60-00859-0-00000, with Global Accounts in Brazilian real, Chilean peso, Peruvian sol, South African rand and Ugandan shilling, but there is no India, Brazil or African licence on the list. · source

4.0Lowest fees

No price list appears anywhere on the site, and Trustpilot reviewers describe unexpected charges and unclear cost structures that were not visible at setup. · source

4.0Startups & VC-backed companies

The company sells to enterprises, banks and platforms through partnerships; there is no startup programme, no pre-revenue path, no venture debt and no cap table tooling. · source

4.0Stablecoins (USDC, USDT and others)

TransferMate picked BVNK in June 2026 to give business customers stablecoin payments, wallets and fiat conversion across payroll, e-commerce and tuition flows, but no launch, supported coins or fees were published by September 2026. · source

3.5Trade, manufacturing & import-export

FX forwards and receivables collection help exporters, but there are no letters of credit, guarantees, documentary collections or supply chain finance. · source

3.0Middle East & Gulf

The only Gulf presence is a Dubai Financial Services Authority representative office under licence F005449, which cannot itself carry on business, and AED is available only as a Global Account currency. · source

3.0Crypto-friendly bank

TransferMate publishes no policy on crypto exchanges, brokers or miners; the customer types it names are banks, financial institutions, software providers and fintech companies. · source

3.0High-risk verticals (iGaming, cannabis, adult, forex)

No acceptable use or prohibited business policy covering gambling, cannabis, adult content or forex brokers is published on the site. · source

3.0Accept crypto payments

The June 2026 BVNK deal lets schools and marketplaces accept stablecoin payments, with rollout promised within weeks, but no launch or fee table was published by September 2026, so this is a named third-party plan with thin evidence. · source

3.0On-ramp: buy crypto with fiat

TransferMate itself sells no crypto; the BVNK integration promises stablecoin on-ramps for business customers, but no live service or limits were published by September 2026. · source

3.0Off-ramp: crypto to fiat in a business account

The same integration promises stablecoin off-ramps into fiat, run by BVNK, but TransferMate had not confirmed a launch or published speeds and limits by September 2026. · source

2.5Best interest on business balances

As an electronic money institution it safeguards client funds and publishes no interest rate, savings account or treasury sweep. · source

2.0Crypto wallet and custody for a business

InterPay, which trades as TransferMate, announced in June 2026 that BVNK would supply embedded stablecoin wallets to its customers, but by September 2026 its site shows no wallet product and custody would sit with the partner, not TransferMate. · source

1.5Business cards (Visa, Mastercard)

No debit or credit card exists in the product line, which is embedded payments, international receivables, Global Accounts and FX forwards. · source

1.0Bitcoin

The BVNK integration covers stablecoins only, which TransferMate called its first step into cryptocurrencies, so there is no bitcoin service, checked September 2026. · source

1.0Ethereum

No ether buying, holding or staking is offered; the announced partner service covers stablecoins only, checked September 2026. · source

Sources

Built on public information and the BankStore team's own aggregated experience; no confidential client or partner data. Bank Index and BankStore are not banks. This is information, not financial advice.