TransferMate announces a €21m investment by ING

And strategic partnership across the ING corporate client base. Investment will help accelerate TransferMate‘s global expansion. €51 million Series A funding invested in TransferMate in the past 8 months   TransferMate, (“TransferMate” or the “Company”), a leading cross-border B2B paymentstechnology solution, is delighted to announce today a €21 million investment from ING Group N.V. (“ING”), one of Europe’s […]

20 Aug 2018

Ruairi Kelleher is the new CEO of Immedis

  “Since the launch of Immedis we have seen revenue growth more than double year on year. I want to continue this trajectory and we project our growth will be 40-50% year on year over the next three years.” Immedis, a specialist division of the successful Taxback Group providing global payroll and mobility tax solutions to multinational […]

20 Aug 2018

17 Years of The Taxback Group Bulgaria

In early 2001, a group of new employees in Varna, Bulgaria, started their career in an Irish-based Tax Return company, which after 17 years, has become one of the most established multinational companies on the labour market in the region. The Taxback Group are extremely proud that 11 out of our first 15 employees are […]

25 Apr 2018

The Taxback Group Certified with ISO 27001

The Taxback Group, has been awarded ISO 27001 Information Security standard. Certification Europe recently awarded The Taxback Group with ISO 27001 Information Security standard.  ISO 27001 is the international best practice standard for information security. The standard is especially suitable where the protection of information is critical, which makes ISO 27001 an obvious choice for companies in the financial sector. […]

23 Apr 2018

Lifelong Learning with The Taxback Group!

At The Taxback Group learning never stops. That’s why we hire lifelong learners and always support them in developing their professional qualification. Our Taxback Pro qualification program helps our employees to develop new skills and competencies and gain a globally recognised professional tax qualification in Ireland, US, UK and Australia. Since the inception of the Taxback […]

20 Feb 2018

The Taxback Group CSR program shortlisted for Kilkenny Award!

The Taxback Group are delighted to announce that their global Corporate Social Responsibility Program has been shortlisted for a Kilkenny Chamber Business Award. At The Taxback Group, Corporate Social Responsibility is a vital part of our remit. In each of the communities in which our offices are based, we strive to make a difference. We […]

01 Nov 2017

Brendan Ahearne appointed to the role of HR Director with The Taxback Group

The Taxback Group are delighted to welcome Brendan Ahearne, to the position of HR Director. His focus will be to create an employee-oriented, high performance culture that emphasizes empowerment, quality and productivity. Brendan was previously the Regional HR Manager in Sepam, Bahrain, where he supported dynamic growth of the Irish-owned Engineering, Procurement, Management & Construction […]

23 Aug 2017

Immedis signs 3 year global sponsorship deal with Irish Professional Golf Star Shane Lowry

Immedis has today announced a new strategic partnership with multiple tour winner and Irish golfing star Shane Lowry. The partnership will see Lowry take up a role as a global brand ambassador for Immedis, wearing the company’s logo on the left sleeve of all golf clothing and hosting a variety of corporate events for Immedis’ growing client […]

04 Jul 2017

Clune banking on global fintech deals

Businessman Terry Clune, founder of The Taxback Group, is exactly where he wants to be in life. A farmer close to where multi-millionaire businessman Terry Clune grew up feeds his cattle beer and chocolate and soothes them with classical music. Clune, founder of the rapidly-growing Taxback Group, uses the Wicklow farmer as an example as […]

19 Jun 2017

The Taxback Group launches GroupLife!

This week, The Taxback Group globally launched GroupLife, our brand new health and wellbeing program for staff! In what’s been an incredibly positive start to the year for The Taxback Group, the launch of this new health and wellbeing program comes alongside the recent launch of our employee recognition program and our new and improved CSR program which celebrates […]

27 Jan 2017

TransferMate announces a €21m investment by ING

And strategic partnership across the ING corporate client base. Investment will help accelerate TransferMate‘s global expansion. €51 million Series A funding invested in TransferMate in the past 8 months

 

TransferMate, (“TransferMate” or the “Company”), a leading cross-border B2B paymentstechnology solution, is delighted to announce today a €21 million investment from ING Group N.V. (“ING”), one of Europe’s leading banks, for a small minority equity stake in the Company.

TransferMate and ING have also agreed to a strategic partnership, where TransferMate services will be available to all SME and corporate clients of ING. Using TransferMate’s award-winning cross-border API technology and global payment licences, this partnership will reduce international payments costs and improve cash flow for ING business customers who send or collect funds cross-border.

The ING investment follows a recent €30 million investment from Allied Irish Banks to accelerate growth across the USA, Canada, Australia and Europe; and brings the total Series A investment into the Irish fintech firm to €51 million in the past 8 months alone.

Terry Clune, co-founder and CEO of TransferMate said:

TransferMate partners with the leading banks, fintech and software providers across the globe. Working together, we make it cheaper, faster and easier for businesses to make or receive cross border payments. TransferMate has built a unique technology platform and we are delighted to welcome ING as an investor and partner to help eliminate costly friction points for business customers.”

Sinead Fitzmaurice, co-founder and CFO of TransferMate added:

TransferMate provides an integrated platform for importers and exporters to send and collect their funds across the globe.  This greatly improves working capital, and eliminates administration for companies.  ING is a frontrunner in innovation, and TransferMate is delighted to be working with one of the most innovative banks in the world. In addition to collaborating with ING, our investment will also focus on expansion of TransferMate into Asia Pacific and we look forward to continuing to execute on our global expansion plans.”

Evelien Witlox, Global Head of Payments and Cards of ING commented:

ING is dedicated to offering seamless payment solutions and freedom of choice to its customers. This investment and partnership with fintech TransferMate adds to ING’s capability to help customers by saving time and money for international payments. The solution will become available to all SME and corporate clients of ING. The partnership perfectly fits our innovation strategy and we look forward to offering this service together.”

TransferMate has built one of the financial industry’s most extensive networks of payment licences, and partners with banks, fintech and software providers. TransferMate integrates with 20 of the top 20 accounting software systems, providing an end-to-end payment solution for business customers.

Perella Weinberg Partners LP served as the exclusive strategic and financial advisor to TransferMate for this transaction, with A&L Goodbody serving as legal counsel. Financial Technology Partners LP and ING FI Capital Structuring and Advisory team served as the exclusive strategic and financial advisor to ING for this transaction, with McCann FitzGerald serving as legal counsel.

This investment and partnership is subject to final documentation and is expected to be completed in 3Q 2018.

About TransferMate

TransferMate is a global B2B payments technology which enables companies to send and receive cross-border payments much cheaper, faster, and easier than ever before. TransferMate has built one of the largest portfolios of payment licences worldwide, including licences in all 50 US States. TransferMate offers local ACH in over 145 countries, and partners with banks, fintech and software providers to offer an enhanced user experience for business customers. Using its technology and global banking infrastructure, companies benefit from better exchange rates, lower bank charges and improved reconciliation via direct integration into accounting and ERP systems.

 

 

Ruairi Kelleher is the new CEO of Immedis

 

Since the launch of Immedis we have seen revenue growth more than double year on year. I want to continue this trajectory and we project our growth will be 40-50% year on year over the next three years.”

Immedis, a specialist division of the successful Taxback Group providing global payroll and mobility tax solutions to multinational organisations around the world, has today announced the appointment of Ruairi Kelleher as its new CEO.

Ruairi joined the wider Taxback Group in 2012 following previous roles in consulting in the sports and retail sectors. He has worked across the Group in a variety of management and advisory positions and was an integral part of the re-positioning and launch of Immedis as its own brand entity in 2016.

 

In his role as CEORuairi will manage the corporate direction and strategy of Immedis, enabling the senior leadership team to drive innovation in international payroll and tax services through the company’s cloud-based global payroll software, which is designed to help solve one of the most complex business problems faced by multinationals.

Immedis clients include Airbus, Kingspan, Glanbia, World Wrestling Entertainment (WWE) and the First Derivates PLC. Immedis is currently recruiting for 60 positions that are based in Dublin, New Jersey, Kilkenny and Varna.

When making the announcement, CEO and Founder of the Taxback Group, Terry Clune said:

“Today marks a significant day in the history of the Taxback Group. I am pleased to announce that Ruairi Kelleher has been appointed the new CEO of our global payroll division, Immedis. Ruairi joined the group in 2012 and I’m delighted to see he has progressed to the level of CEO within Immedis. We take immense pride and satisfaction in developing our talent, and Ruairi’s rise to CEO is testament to that ethos. Ruairi brings a wealth of experience in leading the organisation’s group strategy and M&A activity, which saw the business make its first acquisition in the US in May 2017, and I look forward to seeing Immedis grow under his leadership.”

Speaking at the announcement, Ruairi Kelleher said:

‘As CEO my focus is on delivering the strategy of the senior leadership team to establish Immedis as the number one global provider in international payroll. We will achieve this through continued investment in our people, R&D into our technology and developing key relationships with strategic partners around the world. Since the launch of Immedis we have seen revenue growth more than double year on year. I want to continue this trajectory and we project our growth will be 40-50% year on year over the next three years. Our goal is to be the number one service provider in outsourced global managed payroll, helping simplify payroll and employment tax obligations for organizations worldwide.

 

About Immedis

Immedis began as a specialist team within Terry Clune’s Taxback Group, providing global mobility tax advice to clients and sending staff on overseas assignments. The global mobility tax advisory service grew from strength to strength and subsequently developed its own brand, Immedis, which launched in 2016. With over 100 experts globally, Immedis provides a fully managed outsourced international payroll service to multinationals around the world. Immedis has offices in Dublin, Kilkenny, New Jersey and Varna.

Immedis is a specialist division of The Taxback Group, a multi award winning global financial services group established in 1996, with over 1,200 employees in 33 offices worldwide. The core business of Immedis is to service the multi-country payroll and tax obligations of clients with staff that are overseas, whether local or expatriate.

Immedis clients include Airbus, Kingspan, Glanbia, World Wrestling Entertainment (WWE) and the First Derivates PLC. Immedis is currently recruiting for 60 positions that are based in Dublin, Kilkenny and Varna.

17 Years of The Taxback Group Bulgaria

Varna's 17th Anniversary

In early 2001, a group of new employees in Varna, Bulgaria, started their career in an Irish-based Tax Return company, which after 17 years, has become one of the most established multinational companies on the labour market in the region.

The Taxback Group are extremely proud that 11 out of our first 15 employees are still with us, and still show the same passion and energy they did on day one.

As we celebrate 17 years since the opening of our first office in Varna, Bulgaria, we spoke to some of these incredible women, who shared with us their thoughts about their time so far.

 

Daniela Atanasova, Operations Manager at Sales-Promotions

“I’m thrilled to work with intelligent, positive and highly accountable people who take the quality of the services they provide really seriously. This helps us build great customer satisfaction and their high praise is a great motivation for all of us.”

 

 

 

Ralitsa Slavova, Senior Quality and Business Set-up Manager

“It all started in early 2001 with an empty office without computers, phones, but together we built the business from scratch. It felt like we were one big family – together at work and afterwards. Office working hours, breaks, day and night – they have all coalesced into one, but what`s more important – it never felt like just another stressful job, but much more like a creative co-working space.”

 

 

Milena Panayotova, Pay to Study Project Manager

“I have a great team of professionals that give me that special feeling that everything is possible.”

 

 

 

 

Zdravka Zlateva, Sprintax Senior Project Manager

“I am really happy to have the chance to show creativity in my day to day work and to see how our ideas can be converted into great functional systems and services.”

 

 

 

 

Vesselina Marinova, Head of VAT Operations at Taxback International

“The main thing which motivates me are the people I work with – positive, hard-working people with a can-do attitude and a passion for complex tax cases. I know I can always rely on them.

I like the diversity and the dynamics of the job and the fact that every day I learn new things.”

 

Darina Ivanova, Research Specialist at Taxback International: “The positive atmosphere in the team is something that you can`t fault here in The Taxback Group. I work in a team of amazing personalities – people I admire, people that help me learn a lot, and whom I can call my friends not only at work but also outside of the office.”

 

We also would like to give a special thanks to Ivan Dimitrov, Konstantin Tomov (Kosio) and Petar Draganov who officially started with the company a few years later but in fact were with us from day one too.

Please join me in congratulating all those who celebrate this work anniversary with us, and we hope you celebrate many more with us!

 

P.S Check out our additional video interview with Milena Panayotova, who spoke to us about her time here so far!

The Taxback Group Certified with ISO 27001

Taxback Group ISO 27001 Certified

The Taxback Group, has been awarded ISO 27001 Information Security standard.

Certification Europe recently awarded The Taxback Group with ISO 27001 Information Security standard.  ISO 27001 is the international best practice standard for information security. The standard is especially suitable where the protection of information is critical, which makes ISO 27001 an obvious choice for companies in the financial sector. The standard provides organisations with the best practices to address confidentiality, integrity and availability of information on customers, continual asset protection, IT governance and legal compliance.

Speaking about the achievement, Terry Clune (CEO & Founder of The Taxback Group) noted that, “For any business, having the highest possible standard of accreditation is a huge validation for the work they do. Particularly for our business, in the financial services sector, our clients and customers can rest assured that the standards we apply in managing their data are maintained to the highest integrity possible.”

Michael Brophy (CEO of Certification Europe) also commenting on the achievement, reminds us that “GDPR is coming in shortly. It’s going to be a journey, not a destination, and will be here for years to come. Many organisations are struggling to find a framework to help them meet that compliance. ISO 27001 without doubt, is the best framework which exists at this time. We would like to congratulate The Taxback Group, who have been hugely successful in achieving such an accreditation.”

 

Lifelong Learning with The Taxback Group!

Taxback Pro Graduates with their certificates

At The Taxback Group learning never stops. That’s why we hire lifelong learners and always support them in developing their professional qualification.

Our Taxback Pro qualification program helps our employees to develop new skills and competencies and gain a globally recognised professional tax qualification in Ireland, US, UK and Australia. Since the inception of the Taxback Pro program in the company over 30 employees passed their certification courses and exams, became successful Taxback Pro Graduates, and most importantly – took another giant step in their career progress in the company.

Today three of our outstanding Taxback Pro Graduates share their thoughts about participating in the Taxback Pro Academy and the long journey to getting their qualification in international taxation.

First up, a video interview with Ivan Atanasov, Senior VAT Registration Specialist at Taxback International.

 

Next, we spoke to Ivelina Markova, Tax Specialist at Taxback.com.

Ivelina Markova

     Ivelina Markova

Tell us more about the Taxback Pro Program, and what drove you to participate.

The Taxback Pro Program encourages people to control their own career development. It is a great opportunity for people who are looking to improve their skills and tax knowledge. I was highly motivated to develop my career, to broaden my knowledge in tax, and to develop my experience. It was important for me to ensure that I’m able to provide a high level of customer service and guidance. That’s why I chose the Taxback Pro Program.

What were the key learnings or memorable moments you will take away from this program?

I found the completion of this program and the knowledge I learned invaluable to my role. The satisfaction is a result of hard work and assiduity. I believe that constantly learning and developing skills is the key to workplace success. The Taxback Pro Program exceeded my expectations and goals and helped me to develop my experience.

What`s your best advice for young people who`d like to advance in their career?

The participation in the Taxback Pro Program is a great personal advantage in the conditions of a competitive environment nowadays. It is a way of adding further specialism to your CV. I certainly recommend the program to those who have the motivation to advance in their career and who are looking for a new challenge.

 

 

Borislav Vasilev

     Borislav Vasilev

And our final graduate giving his insights is Boris Vasilev, Global Tax and Payroll Manager at Immedis.

Tell us more about the Taxback Pro Program, and what drove you to participate

Taxback Pro Program is a great initiative which gives opportunity for those interested in improving their skills in the area they work. The knowledge acquired then gives you the grounds for career development. I have actually participated in two programs. The first time was in 2011 when after completing the program I ended up being Technician Member of the Irish Tax Institute. It enhanced my Irish tax knowledge skills and I was able to practice them within the Irish Self-Assessed team preparing and reviewing complex tax returns. A few years later I felt I was ready to make another step and sign in for a second time, taking the CTA (Chartered Tax Advisor) qualification within the Irish Tax Institute. That qualification  is considered the leading tax qualification you can acquire giving you deep understanding of legislation across all taxes. By completing it, skills such as analysis and judgement  to investigate and evaluate tax issues were gained. I became a professional who can manage tax processes and provide tax advice to individuals as well as corporate clients.

What were the key learnings or memorable moments you will take away from this program?

The Taxback Pro Program gave me the opportunity to graduate as a Chartered Tax Advisor. In my case it was a 3 year program and it wasn’t easy to complete it successfully. This program is for people who are determined to succeed and want to develop. It takes a lot from your free time and without full commitment it is impossible to complete it. When completed though you can feel the satisfaction that you have achieved something great and most importantly the program will open the doors for your career development.

What`s your best advice for young people who`d like to advance in their career?

Have high goals and don’t be afraid to chase them. It won’t be easy to achieve these goals but never lose your motivation. Working hard at the end of the day always pays off. The Taxback Pro Program is amazing opportunity for those of you interested in succeeding. Don’t miss that chance to try it!

 

 

If you’re looking for a company that magnifies your strengths, enables you to acquire cutting-edge skills, and supports your personal development then you’re in the right place. Check our careers site and apply today.

We can`t wait to have you on our team!

Check more at www.taxbackcareers.com

The Taxback Group CSR program shortlisted for Kilkenny Award!

Taxback Group CSR

The Taxback Group are delighted to announce that their global Corporate Social Responsibility Program has been shortlisted for a Kilkenny Chamber Business Award.

At The Taxback Group, Corporate Social Responsibility is a vital part of our remit. In each of the communities in which our offices are based, we strive to make a difference. We have a global team of CSR champions who work on fundraising and teambuilding activities to help local charities. This year our program has helped over 30 charities across the world, from our Irish and Bulgarian offices to as far as our offices in USA, Peru and Australia.

Eoin Lyons, chairman of The Taxback Group CSR Committee, said that ‘this is a huge achievement for myself, my fellow committee members Marcie Green and Olivia Sexton, our global CSR Champions, and every single staff member across our global offices. Giving back to our local communities is something which is hugely important across our group, and we’re delighted to recognise the efforts of everyone here in creating something to be proud of.’

The Chamber Awards adjudication panel examined over 150 applications and shortlisted 3 finalists in each respective category. Kilkenny Chamber of Commerce CEO, John Hurley said that he was ‘delighted that so many diverse local businesses have engaged with the Kilkenny Business Awards this year. The standard of application was particularly high and an exceptional group of finalists have been shortlisted.’

The winners of each category will be chosen and announced at the Gala Awards Night taking place in the Lyrath Estate Hotel on Saturday 25th November – visit www.kilkennychamber.ie for more information.

Brendan Ahearne appointed to the role of HR Director with The Taxback Group

Brendan Ahearne appointed HR Director of The Taxback Group

The Taxback Group are delighted to welcome Brendan Ahearne, to the position of HR Director. His focus will be to create an employee-oriented, high performance culture that emphasizes empowerment, quality and productivity.

Brendan was previously the Regional HR Manager in Sepam, Bahrain, where he supported dynamic growth of the Irish-owned Engineering, Procurement, Management & Construction Company. Previous to this he worked in Kentz, a global firm which at the time, was acquired by SNC-Lavalin in August 2014, and was transforming SNC-Lavalin’s Oil & Gas business sector. Brendan was also HR Business Partner in his first stint with The Taxback Group previous to his time in Kentz, showing a hugely popular return to the tax and financial services provider.

Brendan holds a MBS Human Resource Management from the University of Limerick. Brendan also holds a BA in Human Resource Management from Swansea Metropolitan University.

Immedis signs 3 year global sponsorship deal with Irish Professional Golf Star Shane Lowry

Immedis signs Shane Lowry

Immedis has today announced a new strategic partnership with multiple tour winner and Irish golfing star Shane Lowry.

The partnership will see Lowry take up a role as a global brand ambassador for Immedis, wearing the company’s logo on the left sleeve of all golf clothing and hosting a variety of corporate events for Immedis’ growing client base in the US, UK and Europe.

As part of the agreement, the wider Taxback Group branding will also display on the belly of his tour bag with the deal running until the end of 2020. In addition, the partnership involves an investment agreement between Immedis, Shane Lowry and Horizon Sports Management, Mr. Lowry’s representatives.

Lowry is one of Ireland’s most highly respected and popular sports personalities. Some of his achievements include;

  • Winner of the 2009 Irish Open & 2015 WGC-Bridgestone invitational
  • Ranking as high as 17 in world golf rankings
  • Runner up in the 2016 US Open
  • Multiple European Tour and PGA Tour wins

Ruairi Kelleher, Executive Director at Immedis said

“We are delighted to work with Shane as our global brand ambassador helping raisawareness of Immedis around the world. Shane’s commitment to his sport mirrors our commitment to our clients and with many shared values such as hard work, dedication and professionalism, I am confident it is a partnership that will be hugely successful. Our clients can look forward to many exciting events with Shane in the future and we wish him the very best of luck at this weeks’ Irish Open.” 

Shane Lowry - Brand Ambassador for Immedis

Commenting on the announcement Shane Lowry said

“I take a lot of pride in flying the flag for Ireland each time I compete around the world. Hence, I get huge personal satisfaction from supporting successful Irish businesses with big global ambitions.  My new partnership with Immedis is a great fit from this perspective and I look forward to what lies ahead.  The company’s commitment to being the best in its field aligns with my own ambition of competing for Major Championships and rising up the world rankings in the coming years.”

Today’s announcement comes at a particularly busy time for Immedis who only 7 months ago officially rebranded and launched as a specialist division of The Taxback Group followed quickly by a $10 million acquisition of US international payroll company Expaticore. Coupled with the acquisition and expansion, Immedis also recently announced that it intends to create 150 jobs over the next three years.  The company has global clients such as Wayfair, Kerry, NYIT and Airbus.

 

For further information:

Dan O’Neil
Teneo PSG
01 634 2549 / 087 1232182
dan.oneill@teneopsg.com

 

This article originally featured on the official Immedis blog, here – https://immedis.com/immedis-signs-3-year-global-sponsorship-deal-irish-professional-golf-star-shane-lowry/

Clune banking on global fintech deals

Terry's Story

Businessman Terry Clune, founder of The Taxback Group, is exactly where he wants to be in life.

A farmer close to where multi-millionaire businessman Terry Clune grew up feeds his cattle beer and chocolate and soothes them with classical music.

Clune, founder of the rapidly-growing Taxback Group, uses the Wicklow farmer as an example as to why people should not lose perspective over Brexit. Unlike many Irish beef farmers, Clune’s neighbour has no concerns about the UK market. He sells his beef in Tokyo as highly sought-after Kobe beef, making 20 times per cow that he would in Ireland or England.

“It’s a very good living, he’s totally unaffected by Brexit and his cows are very happy,” says Clune.

Clune too is happy. His own group of interlinked companies, worth an estimated €250m, are growing at 25pc to 35pc per annum with big new opportunities ahead, he says. But the beer-drinking cow story comes as close as any of his often colourful tales to explaining Clune’s own business philosophy.

Clune puts some of his success down to his background. His father, a Wicklow sheep farmer, died at just 48 so he grew up with lots of experience buying and selling animals.

“When you grow up in an entrepreneurial environment, be it a shop, a company or a farm, you have an advantage because it’s what you’re used to,” he says, sitting in Taxback’s beautifully-appointed headquarters on Dublin’s St Stephen’s Green.

Clune started his first business when he was just seven, collecting used fertiliser bags from farmers to sell 20 at a time for a pound to wood merchants. They would use them to sell logs at petrol stations.

“It was a great business. I was able to buy my first BMX bike out of the proceeds,” he says.

Characteristically, he declines to give an annual turnover for that first business. “I’m very quiet about those sort of things still but the business tragically went bust when I was eight. An older guy, a 10-year-old, came along with a better see-through bag that allowed people to see the wood,” he says.

“It was the best experience probably in my life. He put me out of business because I didn’t diversify my product quickly enough and my customers weren’t happy. But I was too busy celebrating with my BMX. You get lazy. But I learned a lot from that.”

As a 19-year-old college student the, by then, dreadlocked and Doc Martens-wearing Clune was back in business. This time it would prove life-changing.

During his summer holidays he went to Germany and found well-paid work in a medical-device factory. The owner asked Clune to come back the following summer and he told her he would bring friends. Back in Trinity College he advertised his new ‘Work in Germany Programme’. For IR£200 he would organise a job and accommodation in the factory and promised to look after the students’ needs for the summer – 110 students signed up and Clune pocketed IR£22,000 for his troubles.

“It was good revenue. But it was absolute torture work, dire. I was plagued with questions about everything from mattresses to where to get hash.”

He had also promised he could get the students’ German income tax back for them.

‘I’m very sorry,” said the woman behind the counter at the Cologne tax office after he arrived with a Guinness bag stuffed with Irish P45s, “but unfortunately most of your students have underpaid their taxes.” He headed for the lift to deliver the bad news to the waiting students outside. “The lift stopped and a really well-dressed six-foot-six guy with a very impressive moustache got in. He looks at my Docs and dreadlocks with a bit of disdain but then saw the Guinness bag and asked me did I come from Ireland. My life changed there and then.”

The man was director of the tax office and just back from a cycling holiday of Cork and Kerry.

“I absolutely love your country, why are you here and how can I help you?” he said to Clune. The students all got their tax back.

“If it had been a Heineken bag I would now be working for PwC,” he says, laughing.

Two decades on, his Vat refund business operates in 70 countries and he has added new companies where he has spotted gaps in markets such as international payments and payroll management. He now employs 1,200 staff and his client list across the Taxback group includes Apple, Google, Intel, Ryanair, Bank of America, Bloomberg and many other big businesses.

He is particularly excited about TransferMate, the group’s five-year-old international payments company. Set up originally as a way for Taxback itself to transfer its own funds internationally, TransferMate has shifted more than $10bn (€8.9bn), says Clune. Many universities in Ireland, the US and Australia use the service for fee-paying, and major companies such as Ryanair are clients.

But Clune says TransferMate is on the cusp of something even bigger in the banking sector. The service can transfer money across borders much faster and cheaper than what traditional banks currently offer. But rather than take on banks head-to-head, Clune is looking to partner with them and offer them a slice of the action.

“There’s two schools of thought in fintech – one is to be a total disrupter, the other is to partner. We’re in early-stage partnership talks with banks around the world, including one significant domestic Irish bank, several in the UK and three top 20 US banks.”

The company has invested €20m in securing global licences around the world and in every US state, as well as in technology for the system. Instead of using an international bank transfer, clients pay into a local TransferMate bank account and the intended recipient is instantly paid from a TransferMate bank account in their own country, meaning there is no expensive and lengthy interbank transfer required.

“We got our New York licence a month ago. It took four years and cost us half-a-million dollars. Our Californian licence took four years and we have to have a million dollars on deposit there as a bond.”

Banks charge fees on money they send internationally, but not on money they receive. So TransferMate is offering to share its own fee with its partner banks, creating a new revenue stream for the bank, while still keeping it cheaper for customers.

“It takes a long time to get these licences but now we have them and we’re in discussions with various banks. The big banks know their IT infrastructure is very archaic and the smart big banks know they need fintech partners. Either they compete head-to-head or they collaborate. The smart banks will partner with us.

“It could be a really big business. We’ve done all the hard work in terms of building the infrastructure. Now it’s a matter of scaling it.”

Such ambitious growth requires funding. But Clune says Taxback’s various subsidiary companies throw off enough cash to finance the opportunities and that he has not even considered flotation on the stock market. “I don’t really get why people sell their business so quickly. I don’t understand the rush. I’m happy doing what I’m doing,” he says.

“We have significant opportunities and my plan is to continue growing the business as big as we can get it. We’ve a huge amount more in the tank and there’s no pressure to make any exit decision or to sell. I’m happy. I can do what I want and what I want is to grow the business.”

He declines to put a number on how big the company is or how big he believes it can get. “I don’t actually do revenue targets. It’s more a case of: ‘Just keep going lads’. I’m fortunate that all the businesses in this group have been bootstrapped and funded internally by the original business and others have become profitable so we’ve been able to scale that way.” But Taxback’s organic growth model may no longer satisfy the breadth of Clune’s ambition. The group’s international payroll company Immedis handles pay for globally-diversified companies such as Airbus and ESB International. Last month it made Taxback’s first serious acquisition, US payroll firm Expaticore for $10m. Further US acquisitions will likely follow later this year with a number “in the €25m type bracket” under consideration, he says.

“Over recent years, we’ve done several deals whereby we didn’t directly buy the company for a headline price but bought their business through a revenue share over a three- to four-year period. It’s less risky that way. But now there’s opportunities that definitely make sense for us.”

It hasn’t all been plain sailing for Clune in recent times. He has found himself embroiled in a very public row with state foreign-direct investment agency IDA over Connect Ireland, the jobs initiative he set up and funded. He promoted the idea – which he describes as a “a patriotic, philanthropic initiative” – in order to attract investment into Ireland. So-called “connectors” are paid up to €3,000 per job created that is ultimately funded by the IDA. The two organisations are at loggerheads over just how many jobs Connect Ireland has created and the initiative is now the subject of a ministerial review.

But what is not in dispute, says Clune, is that Connect Ireland has brought 95 new companies to the country compared to the 340 that IDA brought in the same period but at less than half the price per job. “The IDA naturally has a colossal budget. But we brought in a quarter of what they brought in from a standing start.”

For Clune, it’s all about turning problems into opportunities – like feeding beer to cows.

Name

Terry Clune

Position

Founder and CEO of The Taxback Group

Lives

Kilkenny

Education

Trinity College Dublin (Business)

St Peter’s College, Wexford

Family

Married to Kate, five young children

Pastimes

Running, chess and carrying the water bottles for kids’ hurling training

Business inspiration

Martin Naughton, founder of Glen Dimplex

Favourite book

The Stand – Stephen King

Favourite movie

Braveheart

 

 

This piece originally featured on Independent.ie @ http://www.independent.ie/business/irish/clune-banking-on-global-fintech-deals-35837197.html

The Taxback Group launches GroupLife!

GroupLife @ The Taxback Group

This week, The Taxback Group globally launched GroupLife, our brand new health and wellbeing program for staff!

In what’s been an incredibly positive start to the year for The Taxback Group, the launch of this new health and wellbeing program comes alongside the recent launch of our employee recognition program and our new and improved CSR program which celebrates it’s 10th anniversary this year.

All across The Taxback Group’s global presence, employee engagement is paramount. With numerous charity, social, professional events happening all year-round, the new GroupLife program seeks to bring everything together, streamlining and improving all the great activity that takes place with staff here each and every day.

To launch this new program, we held our annual Health & Wellbeing week, packed with tonnes of various activities to promote healthy minds, healthy bodies, and healthy worklife balance.

Throughout the course of the week we held information sessions across a wide variety of topics. We were delighted to host Sharon O’ Gorman from Cois Nore Cancer Services, Craig McInerney from FFS, Liam Nagle from FlyeFit Ranelagh, and Gerry Grehan (Performance Coach), who all gave motivating and educational talks to our staff. Thanks to our HR Director, Stephen Hickey, too for giving us a hugely motivating talk on Mental Fitness!

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Our healthy smoothie mornings also went down a treat, as staff had the chance to sample their favourite fruity snacks on Thursday morning. No mess, no spills, just empty glasses and smiles all round!

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And of course, who could forget our Team Rowing Challenge. We pitted teams of staff against each other for some healthy competition, to row their hearts out for some prizes! Our rowing machine, kindly donated by Hotel Kilkenny was put through it’s paces as 9 teams of 4 each gave it their all. Congratulations to Ian Hayes and Rebecca Callanan for their record times, and to the winning PayToStudy team too!

Taxback Group Rowing Challenge

Our GroupLife program is for life, not just for January, so keep an eye out for more updates throughout the year. Next week we’ll have some highlights from our offices in Bulgaria and around the world!

And as always, if you’d like to be a part of this and much more, check out our latest vacancies today at www.taxbackcareers.com!