February 25, 2024
Business News Sport

On the right track: Kilkenny company takes its place on F1 starting grid

Kilkenny company TransferMate has team up with the Haas Fornula One outfit.

The multinational company, which is based at the IDA Business & Technology Park off the Ring Road, announced its world-wide partnership with the racing team this week.

As part of the deal, TransferMate will provide cross-border payments services through its global payments infrastructure.

The Kilkenny-headquartered company’s logo will also feature on Haas’ car and the clothing of drivers Kevin Magnussen and Mick Schumacher throughout the 2022 season.

The financial terms of the agreement have not been disclosed.

Announcing the deal, TransferMate chief executive Sinead Fitzmaurice said: “The partnership brings together two like-minded organisations, each with a strong commitment to challenging norms through innovation.

“We’re looking forward to seeing our partnership group throughout the 2022 Formula One season. It promises to be a very exciting year for both ourselves and the Haas team.”

Haas’ team principal Günther Steiner added: “We’re delighted to welcome TransferMate and we look forward to a productive working partnership in 2022 and beyond.

“It’s clear that as a brand TransferMate prides itself on the delivery of the very best product. We share that ethos and, ultimately, we’re both in sectors where innovation is rewarded and actions need to be executed with confidence and precision.

“Efficiency is key to everything we do in Formula One and working with TransferMate adds another deliverable to our operations.”

The arrangement with TransferMate is the first major sponsorship deal Haas have signed since cutting ties with former title sponsor Uralkali as a result of Russia’s invasion of Ukraine.

The team has been looking to fill the commercial void left by the Russian potash fertiliser producer, though matters have been complicated with Uralkali reportedly requesting a US$13 million refund and US$8.6 million in compensation.

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