TerraPay, a cross-border payments network, has partnered with Nequi, a digital financial app, to allow Nequi’s 17.5 million customers in Colombia to receive remittances.
This collaboration, announced at Money20/20 USA, leverages TerraPay’s payment technology. Within the Nequi app, users can send, pay, organise and save their money. Nequi also offers other financial products such as loans and a debit card.
In a joint statement, both fintechs emphasised that this partnership aims to help people with financial management and foster greater financial inclusion.
TerraPay, founded in 2014 and headquartered in London, has a global presence with offices in Bogota, Nairobi and Singapore. In April this year, TerraPay raised $100m in equity and debt financing through a series B funding round, to fuel its global expansion, particularly in South America and the Middle East. The company also wants to invest in the marketing and adoption of alternative payment methods for mobile wallets. And expand its regulatory and compliance infrastructure.
Ambar Sur, chief executive officer and co-Founder at TerraPay, expressed the shared goal to improve the experience every person has with accessing their money and making transactions.
Sur said: “Our aim will be to ensure users of the Nequi app have affordable access to traditional cross border payments or remittances channels for many years to come and feel financially empowered.
“As the only payments network to have 29 licenses and regulatory approvals globally, along with real-time transaction and risk monitoring capabilities, our ambition is to continue expanding our world-class remittance services.”
María del Pilar Correa, chief product officer of Nequi, underlined the potential of the collaboration, stating: “This partnership will allow us to transform the way we deliver remittances. And further empower Colombians to better manage their money and save for a brighter future.
“TerraPay shares our vision to pave the way for financial inclusion. That is evidenced in the work they have done in recent years globally.”