TerraPay raises USD 100 mln in series B round

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.

Expanding regulatory approvals in multiple markets

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.

TerraPay’s officials said this latest funding is a testament to their exceptional achievements and the unwavering dedication of their team in delivering innovative payment solutions to customers globally. The continuous support from their investors and lending partners has enabled them to expand their infrastructure, enhance their network coverage, and accelerate investment in their operations, product development, and technology. They look forward to continuing their valuable strategic partnership with investors and delivering continuous value to all stakeholders, including customers, partners, investors, and employees.

Enabling financial inclusion for remitters

The cost of migrant remittances to developing markets remains expensive and well above the UN Sustainable Development Goals target of 3%, as per the press release. As a payments infrastructure company, TerraPay is committed to driving financial inclusion and specialises 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 capitalise 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, IFC said that low-cost cross-border payments are critical to financial inclusion and global trade. They are delighted to announce their 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.

What does TerraPay do?

Headquartered in the UK, 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 enables 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 global partner to banks, mobile wallets, money transfer operators, merchants, and financial institutions, creating a more expansive and inclusive international financial ecosystem.