By Adam Clark

Dutch bank ING Groep NV (INGA.AE) said Monday that it has invested 22 million euros ($25.7 million) for a minority stake in Irish payments technology company TransferMate.

ING said the investment will allow it to provide small business and corporate clients with faster and cheaper international payments. The two companies also said that the investment will allow TransferMate to focus on its expansion into Asia Pacific.

ING's investment means TransferMate has raised EUR51 million in the last eight months, following a EUR30 million investment from Irish lender AIB Group PLC (A5G.DB) in 2017.

Large banks have made a series of investments in payment-technology companies, as they seek to retain customers in the face of challenges from specialist businesses, such as Dutch company Adyen NV (ADYEN.AE) which surged to a valuation of EUR15.8 billion when it floated in Amsterdam in June.

Write to Adam Clark at adam.clark@dowjones.com

(END) Dow Jones Newswires

July 30, 2018 06:31 ET (10:31 GMT)

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