TerraPay will use the funding to further support its expansion plans, specifically across the Latin America (LATAM) and Middle East and North Africa (MENA) regions and aim to strengthen its existing pay-out network to 150 countries by 2024
TerraPay secures $100m in Series B financing round. (Credit: rupixen.com on Unsplash)
UK-based payments infrastructure company TerraPay has secured more than $100m in a Series B equity financing round, led by International Finance Corporation (IFC).
The funding round saw participation from Prime Ventures, Partech Africa, U.S. International Development Finance Corporation (DFC) and a consortium of other investors.
TerraPay intends to use the funding to further support expansion plans, specifically across the Latin America (LATAM) and Middle East and North Africa (MENA) regions.
The company aims to strengthen its existing pay-out network to 150 countries by 2024 and promote alternate payment methods for mobile wallets at large-scale.
In addition, TerraPay plans to expand its regulatory and compliance infrastructure, including important license applications across the globe.
IFC disruptive technologies and funds global director William Sonneborn said: “Low-cost cross-border payments are critical to financial inclusion and global trade.
“We are delighted to announce our continued support for TerraPay, as they deliver efficient payments instantly and securely, between individuals, businesses, and financial institutions, while also strengthening regulatory and compliance infrastructure.”
Currently, TerraPay offers payments infrastructure and solutions platform for business/merchant pay-outs, acquiring and issuing services, among others.
The company has created an extensive network of partners and customers, with more than 108 receiving countries and 205 sending countries and 62 settlement currencies.
According to the company, the cost of migrant remittances to developing markets is expensive and higher than the UN Sustainable Development Goals target of 3%.
TerraPay said that it aims to drive financial inclusion and enable the secure delivery of cross-border remittances and instant money transfers at low cost.
With the new funding, it is well-positioned to capitalise on the growing demand for its remittance and payments solutions and support cross-border payments, said the company.
TerraPay founder and CEO Ambar Sur said: “This latest funding is a testament to our exceptional achievements and the unwavering dedication of our team in delivering innovative payment solutions to customers globally.
“The continuous support from our investors and lending partners has enabled us to expand our infrastructure, enhance our network coverage, and accelerate investment in our operations, product development, and technology.
“We look forward to continuing our valuable strategic partnership with our investors and delivering continuous value to all our stakeholders, including customers, partners, investors, and employees.”