TerraPay aims to make cross-border payments more accessible and secure
TerraPay, a digital payments infrastructure company, has raised $100m in equity and debt financing in a series B round.
The company’s global infrastructure is used by merchants, money transfer operators and other financial institutions.
The funding will be used to fuel TerraPay’s global expansion, especially across South America and the Middle East.
Headquartered in the UK, TerraPay aims to expand its pay-out network to 150 countries by 2024.
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.
IFC led the funding round, with support from Prime Ventures, Partech Africa and a consortium of other investors.
Ambar Sur, founder and chief executive officer of TerraPay, 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.”
IFC has been one of TerraPay’s key investors since 2019. Commenting on the latest 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. TerraPay are building a unique global highway for inclusive payments.”
Pieter Welten, partner at Prime Ventures, added: “TerraPay’s global payment infrastructure is addressing real-world problems in emerging markets and its innovative payments solutions have the scalability, flexibility and usability its partners need.
“Cross-border payments represent a huge, global market opportunity and therefore we strongly believe the company will continue its profitable, fast growth trajectory in the coming years.”