MEDELLÍN, Colombia, Oct. 24, 2023 /PRNewswire/ -- TerraPay, a leading global cross-border payments network, and Nequi by Bancolombia ("Nequi"), a digital financial platform with customers in Colombia, today announce a landmark partnership designed to transform the remittances of Nequi's 17.5 million clients.
Announced in Money20/20 USA, this partnership will allow Colombians to receive remittances from their family and friends in more than 200 countries using a single connection. Supported by TerraPay payment technology, Nequi users will have access to an easy-to-use financial application, without long lines, long waiting times, a secure experience and without additional charges for the beneficiary.
The partnership brings together the shared values of both companies, helping people manage their money efficiently and achieve their financial goals, while paving the way for financial inclusion. Nequi's financial expertise together with TerraPay's digital payment solutions will ensure that more people can gain better access to financial products and services and greater autonomy over their money. Through the Nequi application, users will have immediate access to manage the remittances they receive.
Ambar Sur, CEO and co-founder of TerraPay, said, "We are delighted to partner with Nequi, who share the desire to ensure that Colombians can receive remittances from family and friends around the world in an easy and secure way. We both understand the need to improve the experience that every person has when accessing their money and making transactions. Our goal will be to ensure that Nequi app users have affordable access to traditional cross-border payments or remittance 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," he added.
María del Pilar Correa, Product Manager at Nequi, said, "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 better future. After receiving your remittance at Nequi , users can use the app to send money to other people, make digital and physical payments, organize their finances, save, and much more.
TerraPay shares our vision of paving the way towards financial inclusion and this is evident in the work they have done in recent years globally. "We look forward to working with TerraPay to bring our advanced financial services to millions of people in Colombia."
TerraPay simplifies the movement of money everywhere: providing a single connection to the largest cross-border payments network regulated in 29 global markets and enabling payments to 120+ receiving countries, 210+ issuing countries, 7.5+ billion bank accounts and more than 2.1 billion mobile wallets. TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent and fully compliant. TerraPay pushes the boundaries of global businesses, from banks, fintechs and money transfer operators to travel companies, creative economy platforms and e-commerce marketplaces, while driving financial inclusion in even the most inaccessible markets. Founded in 2014, TerraPay is headquartered in London, with global offices in Dubai, Miami, Bogota, Dakar, Johannesburg, Nairobi, Milan, Singapore, Bengaluru and is expanding rapidly, having received funding from leading investors including IFC (the Bank Global), Prime Ventures, Partech Africa and Visa.
Cerca de Nequi
Nequi is a digital financial platform with more than 17 million users in Colombia and Panama, with 12 million active users per month. Our purpose is to improve people's relationship with their money, empowering them to achieve their financial goals. Through the application, people can use their money in their daily lives, and have the ability to send, pay, organize and store their money, in an easy, fast and secure way.
As a regional brand, Nequi has a deep understanding of its customers, allowing it to offer precise, effective and contextual solutions. Therefore, we have free basic services that allow the user to send, withdraw, request, pay and manage their money. In addition, other financial products such as loans and Nequi debit card. We recently added non-financial products and services, aiming to solve people's "real" needs and seamlessly integrate them into users' daily lives, with strong and efficient integration capabilities with third parties, such as insurance, plane and bus tickets. .
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