Cross-border business paytech firm Transfermate has announced a €21m (£18.7m) investment from ING, in exchange for a minority equity stake in the company.

The investment takes Transfermate's series A fundraising round to a total of €51m, following a €30m raise from Allied Irish Banks at the end of 2017.

Read more: Allied Irish Banks invests €30m in payments fintech firm Transfermate

Transfermate will also provide international payment services to all corporate and small and mid-sized enterprise clients of ING as part of the deal.

The tech firm's series A is dedicated to accelerating its growth across the US, Canada, Europe and the Asian Pacific region.

Founded in 2009 and headquartered in Kilkenny, Ireland, Transfermate holds an extensive network of payment licences across the world, including in all 50 US states.

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