How One Irish Entrepreneur Went From Sheep Farmer To Fintech — And Made A $900 Million Fortune

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How One Irish Entrepreneur Went From Sheep Farmer To Fintech — And Made A $900 Million Fortune
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Terry Clune has started eight fintech companies in three decades to help such clients as Barclays, Wells Fargo and Harvard handle taxes, payroll and marketing in other countries. Having sold just one, he’s already well on his way to becoming a billionaire.

of Wicklow, Ireland, Terry Clune founded his first business. He was eight, the son of a farmer, and looking for a way to avoid long, wet days in the field. He began collecting and cleaning discarded fertilizer bags from neighboring farmers and selling them in bundles of 20 for one Irish pound apiece, mostly to wood merchants who would bundle firewood in them.

On deck are plans to raise money for Sprintax, which helps non-U.S. residents file taxes in America, and he’s working toward IPOs for several other companiesNot that he’s necessarily looking forward to that day. “He doesn't seek any accolades, banners or headlines,” says Joanna Murphy, a longtime friend and colleague of Clune’s who is CEO of two of his companies, including Clune’s first venture, Taxback.com. “He’s Mr.

A total of 120 students accompanied him to Germany that summer. The scheme went off without a hitch, until the very end. As residents of Ireland, Clune’s crew should have been entitled to reclaim a portion of their income tax based on the much lower Irish rate. At least, that's what Clune thought. “Rather than buying the brand new thing, I had to settle for the second thing, which was probably good enough—and there's value in that.”

Not only did he save Clune, but he gave him his next big idea. Back in Ireland, he founded Taxback, designed to help the thousands of Irish people working overseas each year reclaim the foreign taxes they paid. Clune was short on cash, but had plenty of ideas. “When we were transferring our tax refunds to our customers in Brazil, very often we would send checks, and the checks would very often go missing in the post,” Clune says. “The postman probably took the checks.”

Clune got an idea for yet another venture just a few years after founding TransferMate. “As we were growing TransferMate and Taxback, we had to work with staff in about 30 countries, which meant managing the payroll for all of them,” Clune says.

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