TerraPay, a leading global payments infrastructure company, has successfully closed its Series B equity financing round, raising more than $100 million in equity and financing from doubt. The financing round was led by IFC and supported by Prime Ventures, Partech Africa, US International Development Finance Corporation (DFC) and a consortium of other investors.
The financing will help advance TerraPay’s global expansion plans, especially in the Latin America (LATAM) and Middle East and North Africa (MENA) regions, strengthen its current payment network, which will reach 150 countries for 2024, to support and accelerate its growth and to invest in the commercialization and adoption of alternative payment methods for mobile wallets such as Request-to-Pay, an interoperable mobile wallet solution, on a larger scale.
In addition, TerraPay is also looking to expand its regulatory and compliance infrastructure, including key license applications around the world. Today, TerraPay’s agile payment infrastructure and solutions platform offers enterprise/merchant payment services, acquisitions and issuance, among others. The company built a far-reaching network of partners and clients that is present in more than 108 receiving countries and 205 issuing countries with 62 settlement currencies.
Ambar Sur, Founder and CEO of TerraPay, commented: “We are pleased to announce the successful completion of our Series B financing round. This latest financing is a testament to our exceptional achievements and our team’s steadfast dedication to providing solutions. innovative payment systems for customers around the world.Continued support from our investors and lending partners has enabled us to expand our infrastructure, improve our network coverage, and accelerate investment in our operations, product development, and technology.We look forward to continuing our valuable strategic alliance with our investors and continue to add value to all of our stakeholders, including customers, partners, investors and employees.”
The cost of remittances from migrants to developing markets remains high and well above the UN Sustainable Development Goal target of 3%. As a leading payments 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 financing, the company is well positioned to capitalize on the growing demand for its remittance and payment solutions, as well as to continue its mission of making cross-border payments more accessible, secure and affordable for all.
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IFC has been one of TerraPay’s key investors since 2019. Commenting on Series B financing, William Sonneborn , IFC’s Global Director of Disruptive Technologies and Funds , commented: “Low-cost cross-border payments are critical for financial inclusion and global commerce. We are pleased to announce our continued support for TerraPay, which offers efficient payments instantly and securely between individuals, businesses and financial institutions, while strengthening the regulatory and compliance infrastructure. They are creating a unique global highway for inclusive payments”.
“Since we made our initial investment, TerraPay has been very successful, 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 addresses real-life problems in emerging markets, and its innovative payment solutions offer the scalability, flexibility, and ease of use its partners need. Cross-border payments represent a tremendous opportunity for the global marketplace. 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 at Partech, said: “TerraPay has created 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 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 Executing transactions in real time, small or large value , around the world require innovative and inclusive collection and payment solutions with the highest standards of compliance and security, and this is exactly what TerraPay has delivered every day since our investment.”
“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 issue cross-border payments, connecting communities oceans away,” said James Polan , vice president of DFC’s Development Credit Office.
TerraPay’s success in raising more than $100 million in the Series B round underscores its leading position in the global payments infrastructure industry. The company has proven its profitability and is now ready to take its payments platform to the next level, expanding its capabilities and offering more seamless cross-border payment solutions to people around the world.
