TerraPay, a payments infrastructure company, has successfully closed its Series B equity financing round, raising in excess of $100 million in equity and debt financing. The funding 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.
"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," said Ambar Sur, founder and CEO of TerraPay.
The cost of migrant remittances to developing markets remains expensive and well above the UN Sustainable Development Goals target of 3 per cent. As a leading payments infrastructure company, TerraPay is committed to driving financial inclusion and specialises 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 capitalise 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.
"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," observed William Sonneborn, IFC's Global Director of Disruptive Technologies and Funds.
"Since we originally invested, TerraPay has gone from strength to strength and we are extremely excited to continue to support Ambar and his team in this journey," added Pieter Welten, Partner at Prime Ventures.
