TerraPay, a global payments infrastructure business, has scored over $100m in its Series B equity financing round.
The funding round was headed by IFC and supported by Prime Ventures, Partech Africa, U.S. International Development Finance Corporation and a consortium of other investors.
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.
With the funding, TerraPay plans to further its 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 alternative payment methods for mobile wallets.
TerraPay also aims to expand its regulatory and compliance infrastructure including key license applications across the world.
TerraPay CEO and founder Ambar Sur 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.”
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