TerraPay raises $100 million in Series B funding to expand global payments infrastructure
LONDON, April 4, 2023 /PRNewswire/ -- TerraPay, a leading global payment infrastructure company, has successfully closed its Series B equity financing round, raising more than $100 million in equity and debt. 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 fuel TerraPay's global expansion plans, especially across the LATAM and MENA regions, strengthen its existing payment network to 150 countries by 2024, support and accelerate its growth, and invest in go-to-market and method adoption. alternative payment methods for mobile wallets, such as Request-to-Pay - a larger-scale, interoperable mobile wallet solution.
In addition, TerraPay also aims to expand its regulatory and compliance infrastructure, including key license applications around the world. Today, TerraPay's agile payment infrastructure and solutions platform offers, among other things, payment, acquisition and issuance services to companies and merchants. The company has created a wide network of partners and clients, present in more than 108 receiving countries and 205 issuing countries with 62 settlement currencies.
Ambar Sur, Founder and CEO of TerraPay, said, "We are delighted to announce the successful completion of our Series B funding round. This latest funding is testament to our exceptional achievements and our team's unwavering dedication to to deliver innovative payment solutions to customers around the world.Continued 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 continue our valued strategic partnership with our investors and deliver continued value to all of our stakeholders, including customers, partners, investors and employees."
The cost of migrant remittances to developing markets remains expensive and well above the 3% target of the UN Sustainable Development Goals. As a leading payment infrastructure company, TerraPay is committed to driving financial inclusion and specializes in enabling low-cost, secure cross-border remittance delivery and instant money transfers. With the new funding, the company is well positioned to capitalize on the growing demand for its remittance and payment solutions and continue its mission to make cross-border payments more accessible, secure and affordable for all.
IFC has been a lead investor in TerraPay since 2019. William Sonneborn, IFC's Global Head of Disruptive Technologies and Funds, said: "Low-cost cross-border payments are critical to financial inclusion and global commerce. We are delighted to announce our continued support for TerraPay as it delivers instant and secure efficient payments between individuals, businesses and financial institutions, while strengthening the regulatory and compliance infrastructure. They are building a unique global highway for inclusive payments."
"Since we originally invested, TerraPay has gone from strength to strength and we are very pleased to continue supporting Ambar and her team on this journey," said Pieter Welten, Partner at Prime Ventures. "TerraPay's global payments infrastructure is addressing real-world problems in emerging markets and its innovative payment solutions have the scalability, flexibility and usability its partners need. Cross-border payments represent a huge global market opportunity and therefore We strongly believe that the company will continue its trajectory of rapid and profitable growth in the years to come."
Cyril Collon, General Partner, Partech said, "TerraPay has built what is today the world's leading payments infrastructure, enabling individuals and businesses in more than 200 countries to settle any payment instantly securely and reliably. With this new round of funding, Partech is proud to continue to support this exceptional visionary team led by Ambar and to help TerraPay further accelerate its ambition for highly profitable growth Powering real-time transactions, small or large value, around the world , requires innovative and inclusive payment solutions with the highest standards of compliance and security, and this is exactly what TerraPay has delivered every day since we invested."
"DFC is pleased to support TerraPay's mission to expand financial services access and inclusion around the world. Through its digital capabilities, the company enables users to seamlessly stream cross-border payments connecting the oceans of communities apart," said James Polan, vice president of DFC's Office of Development Credit.
TerraPay's success in raising more than $100 million in Series B funding underscores its position as a major player in the global payments infrastructure space. The company has been profitable and is now poised to take its payments platform to the next level, expanding its capabilities and providing more seamless cross-border payment solutions to people around the world.
Based in the UK, TerraPay believes that the smallest payment deserves as safe a borderless journey as the largest. The group has been building an ever-expanding payments highway that enables businesses to create transparent customer experiences with a seamless, secure, real-time global pass through for every payment, however small or large. Registered and regulated in 27 global markets, TerraPay is a leading global partner for banks, mobile wallets, money transfer operators, merchants and financial institutions, creating a broader and more inclusive international financial ecosystem. With access to a payments infrastructure that spans the globe, its partners become beacons of the promise of global financial inclusion.
For more information, visit terrapay.com
Media contact: Anwesha Mukherjeeanwesha@terrapay.com
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