TerraPay secures EMI license in Italy, eyes European expansion

By Gloria Methri

TerraPay, the global payments infrastructure company, has secured authorisation as an Electronic Money Institute (EMI) in Italy. With the approval from the Bank of Italy, TerraPay is set to expand its operations in the country and subsequently, throughout the European Union.

Leveraging its expertise and innovative approach in the digital payments sector, TerraPay aims to positively impact and contribute to the European market.

“The commitment of the TerraPay team, supported by the international firm Orrick, was crucial in reaching this historic milestone,” said Ambar Sur, Founder and CEO, TerraPay. “We are excited about what the future holds for us in Italy, and we will continue to work towards providing innovative and secure digital financial services.”

Commenting on this announcement, Ram Sundaram, Co-Founder, and COO, said, “Securing this authorization firmly establishes TerraPay as a trailblazer in the realm of electronic money within Italy, while also paving the way for exciting avenues of expansion and growth across both the Italian and European markets.”

TerraPay is a global partner to several banks, money transfer operators, mobile wallet operators, and financial institutions to facilitate digital transactions without borders. As a B2B company, TerraPay partners with other businesses and helps them leverage its scalable technology platform to enhance their customer proposition for remittances, payments, and cross-border spending.

The company has an expansive network across 121 receive countries and 208 send countries and is regulated in over 28 countries, globally. Its key markets include; GCC; North, South, and Central Africa; Europe and SE Asia; Central, North, and South Americas.

Congratulating the team, Akbar Hussain, Co-Founder, General Counsel & CCO, said “I want to highlight the utmost significance of fostering a resilient regulatory culture within our company. Our collaboration with the Orrick law firm has once again underscored the pivotal role that robust legal support plays in the dynamic landscape of the financial industry.”