B2B Payments Infrastructure Provider TransferMate Partners With Haas F1 Team

The Haas Formula 1 racing team Thursday (April 21) announced a partnership with TransferMate Global Payments, which provides payments infrastructure-as-a-service.

The announcement states: “As an official ‘Team Partner’, TransferMate will provide cross-border payments services … while the TransferMate logo will be featured on the Haas F1 Team’s VF-22 car and the apparel of drivers Kevin Magnussen and Mick Schumacher.”

Explaining the rationale for the partnership, Guenther Steiner, team principal of Haas F1 Team, said in a prepared statement: “Efficiency is key to everything we do in Formula 1 and working with TransferMate adds another deliverable to our operations.”

Transfermate, according to its website, was created in 2010 and is part of TaxBack Group.

“Co-founders Terry Clune and Sinead Fitzmaurice saw a need in the market for an easy, simple and cost-effective solution to transfer money internationally. From their experience of providing global tax recovery and global payroll solutions, they realized there was a major challenge for companies making cross-border payments who were dealing with significant delays, costs and administrative difficulties,” the company history said. “And so, TransferMate began developing partnerships with banks and regulators, while securing licenses and regulatory approval around the world.”

Investors in TransferMate include ING Group N.V. and Allied Irish Bank, according to the company.