TerraPay raises $100m series B to expand payments infrastructure

By Gloria Methri

TerraPay, the UK-based global payments infrastructure company, has successfully closed its Series B equity financing round, raising more than $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 expansion plans, especially across the LATAM and MENA regions, and strengthen its pay-out network to 150 countries by 2024. The funding will also support and accelerate its growth, marketing, and adoption of alternate payment methods for mobile wallets, like Request-to-Pay.

TerraPay also aims to expand its regulatory and compliance infrastructure including key license applications across the world. Currently, the company’s payments infrastructure and solutions platform offers business/merchant pay-outs, and 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, “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.”

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. The new funding will help the company 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.