TerraPay, a global payments infrastructure company, has successfully closed its Series B equity financing round, raising in excess of $100 million in equity and debt financing.
The investment round was “led by IFC and supported by Prime Ventures, Partech Africa, U.S. International Development Finance Corporation (DFC) and a consortium of other investors.”
The funding will help “further TerraPay’s global expansion plans, especially across the LATAM and MENA regions, strengthen its existing pay-out network to 150 countries by 2024, support and accelerate its growth, and invest in the marketing and adoption of alternate payment methods for mobile wallets, like Request-to-Pay – an interoperable mobile wallet solution, at a larger scale.”
Furthermore, TerraPay also aims “to expand its regulatory and compliance infrastructure, including key license applications across the world.”
Currently, TerraPay’s agile payments infrastructure and solutions platform “offers business/merchant pay-outs, acquiring and issuing services, among others.”
The company has “built a far-reaching network of partners and customers, present in more than 108 receiving countries and 205 sending countries with 62 settlement currencies.”
Ambar Sur, Founder and CEO of TerraPay, said:
“We are thrilled to announce the successful completion of our Series B financing round. 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.”
The cost of migrant remittances “to developing markets remains expensive and well above the UN Sustainable Development Goals target of 3%.”
As a payments infrastructure company, TerraPay is committed “to driving financial inclusion and specializes in enabling the delivery of cross-border remittances and instant money transfers, securely, and at a low cost.”
With the new funding, the company is well-positioned “to capitalize on the growing demand for its remittance and payments solutions and continue its mission of making cross-border payments more accessible, secure, and affordable for all.”
IFC has been one of TerraPay’s key investors since 2019.
Talking about the Series B funding, William Sonneborn, IFC’s Global Director of Disruptive Technologies and Funds 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. They are building a unique global highway for inclusive payments.”
Cyril Collon, General Partner, Partech said:
“TerraPay has built what is today the leading global payments infrastructure allowing individuals and businesses across 200+ countries to settle any payment instantly in a secure & reliable manner. With this new funding round, Partech is proud to keep supporting this exceptional visionary team led by Ambar and help TerraPay to further accelerate its highly profitable growth ambition. Powering real-time transactions, small or large value, across the globe, requires innovative & inclusive pay-in and pay-out solutions with the highest compliance and security standards, and this is exactly what TerraPay has delivered every single day since we invested.”
TerraPay’s success in “raising over $100 million in the Series B funding underscores its position as a leading player in the global payments infrastructure space.”
The company has “been profitable and is now poised to take its payments platform to the next level, expanding its capabilities and providing more seamless cross-border payment solutions to people all over the world.”