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News

Comviva divests its stake in TerraPay to Prime Ventures, Partech Partners, IFC

Tuesday 3 March 2020 11:15 CET | News

Mobility solutions company Comviva has announced its divestment of stake in TerraPay, for an undisclosed amount to a consortium of global investors. 

 

Prime Ventures and Partech Partners are co-investing in TerraPay, along with IFC, a member of the World Bank Group. The investors not only entered the process of acquiring Comviva shares, but they also invested USD 9.6 million in TerraPay to fund the company’s expansion. TerraPay is a company incubated by Comviva in 2015, and it provides payment infrastructure services that help people transfer money safely and affordably. The company enables PSPs including banks, mobile money operators, money transfer operators or other payment providers to instantly connect to each other at a low cost.

Via the new consortium of investors, TerraPay will be enabled to execute its strategy to scale operations as a hub enabling interoperable, real-time, cross-border transactions between telecom and mobile money operators. This will help TerraPay scale its payment infrastructure services to clear and settle international payments faster, enable instant payments across operators’ interoperable networks, and remove a significant barrier for transfers to mobile money accounts. Also, by enabling the electronic low-cost transfer of funds, the project will garner a greater share of formal remittance payments. 


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Keywords: Comviva, TerraPay, Prime Ventures, Partech Partners, International Finance Corporation (IFC), divestment, stake, payments , PSPs, payment infrastructure services, banks, mobile money operators, money transfer, cross-border
Categories: Banking & Fintech
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Countries: World
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