Allied Irish Bank (AIB) has invested €30 ($35.3) million in B2B payments platform TransferMate.

The investment has likely brought the valuation of the fintech to €300 million ($350 million), according to reports.

As for Allied Irish Bank (AIB), the investment gives it a minority stake in TransferMate as well as a stronger foothold in the cross-border payments space.

Established in 2010, Kilkenny, Ireland-based TranferMate earlier this year received regulatory approval to operate across the United States. With 165 employees, TransferMate has offices in Ireland, Europe, Australia, and the U.S.

Read more at Finextra and CityA.M.