TerraPay, a leading global payments infrastructure company, has successfully closed its Series B equity financing round, raising in excess of $100 million in equity and debt financing. 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 further TerraPay's 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 alternate payment methods for mobile wallets, like Request-to-Pay – an interoperable mobile wallet solution, at a larger scale.
Furthermore, TerraPay also aims to expand its regulatory and compliance infrastructure including key license applications across the world. Currently, TerraPay's agile payments infrastructure and solutions platform offers business/merchant pay-outs, acquiring and issuing services, among others. The company has built a far-reaching network of partners and customers, present in more than 108 receiving countries and 205 sending countries with 62 settlement currencies.
Ambar Sur, Founder and CEO of TerraPay, 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."
The cost of migrant remittances to developing markets remains expensive and well above the UN Sustainable Development Goals target of 3%. As a leading payments infrastructure company, 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.
IFC has been one of TerraPay's key investors since 2019. Talking about the Series B funding, William Sonneborn, IFC's Global Director of Disruptive Technologies and Funds said, "Low-cost cross-border payments are critical to financial inclusion and global trade. We are delighted to announce our continued support for TerraPay, as they deliver efficient payments instantly and securely, between individuals, businesses, and financial institutions, while also strengthening 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 extremely excited to continue to support Ambar and his team in this journey," says Pieter Welten, Partner at Prime Ventures. "TerraPay's global payment infrastructure is addressing real-world problems in emerging markets and its innovative payments solutions have the scalability, flexibility and usability its partners need. Cross-border payments represent a huge, global market opportunity and therefore we strongly believe the company will continue its profitable, fast growth trajectory in the coming years."
Cyril Collon, General Partner, Partech said, "TerraPay has built what is today the leading global payments infrastructure allowing individuals and businesses across 200+ countries to settle any payment instantly in a secure & reliable manner. With this new funding round, Partech is proud to keep supporting this exceptional visionary team led by Ambar and help TerraPay to further accelerate its highly profitable growth ambition. Powering real-time transactions, small or large value, across the globe, requires innovative & inclusive pay-in and pay-out solutions with the highest compliance and security standards, and this is exactly what TerraPay has delivered every single day since we invested."
"DFC is excited to support TerraPay's mission to expand access to financial services and inclusion around the world. Through its digital capabilities, the company enables users to seamlessly transmit cross-border payments connecting communities' oceans apart," said James Polan, Vice President of DFC's Office of Development Credit.
TerraPay's success in raising over $100 million in the Series B funding underscores its position as a leading 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 all over the world.
About TerraPay
Headquartered in The United Kingdom, TerraPay believes that the smallest payment deserves a borderless journey as safe as the largest. The group has been building an ever-expanding payments highway that empowers businesses to create transparent customer experiences with an uninterrupted, secure, and real-time global passage for every payment, however small or large. Registered and regulated across 27 global markets, TerraPay is a leading global partner to banks, mobile wallets, money transfer operators, merchants, and financial institutions, creating a more expansive and inclusive international financial ecosystem. With access to payments infrastructure that spans the globe, their partners become beacons of the promise of global financial inclusion.