Payments company TerraPay secures $9.6m in funding

Payment product developer TerraPay has secured $9.6m in funding to support its continued growth.

The capital was supplied by Prime Ventures, IFC and Partech Africa.

TerraPay builds payment infrastructure which lets people easily transfer money around the world. To achieve this, the FinTech enables payment service providers including banks, mobile money operators, money transfer operators, and others, to instantly connect with one another at a low cost.

TerraPay founder and CEO Ambar Sur said, “We believe in our mission to address financial inclusion by making real time national, regional and global payments accessible to everyone. We are excited by this validation from our marquee investors and look forward to growing rapidly and reaching most of the world’s underserved in the coming years.”

The FinTech has over 25 payment licenses and operates across 60 countries in Africa, Asia and Europe. It plans to further its global expansion.

IFC global director Paulo de Bolle said, “By adding TerraPay to IFC’s growing fintech investment portfolio, we are supporting the company to grow and expand, while helping to lower the costs and streamline the process to send money home. Fintechs like TerraPay play a vital role in increasing financial inclusion in emerging markets.”

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