Irish business to business payments infrastructure company, TransferMate, has secured $70m in fresh funding, at a new valuation of $1 billion.

One of the UK's largest pension funds, Railpen, took part in the round.

In total it brings the amount raised by the Kilkenny headquartered business to $130m.

TransferMate is a subsidiary of CluneTech, which was founded and is led and owned by Terry Clune, the founder and owner of

Since it was founded 12 years ago, the business has built one of the largest portfolios of payments licenses worldwide, including 51 US states and territories, to support trading in more than 201 countries and 141 currencies.

The company’s API allows customers to digitalise payments within their software, enabling them to achieve time and financial savings.

"We are delighted to welcome Railpen as a shareholder at this exciting time," said Terry Clune.

"We will use this investment to continue to recruit senior financial talent who can help broaden our customer base."

The company also said the funding, which consists entirely of primary capital, will be used to further invest in its technology.

The valuation propels TransferMate to so-called unicorn status.

It also makes it the first Irish unicorn to be led by a female CEO, Sinead Fitzmaurice.