Dutch fintech TerraPay has raised over $100 million in equity and debt financing to expand its payments infrastructure.
The Series B 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.
In particular, it will support the company’s expansion plans across the LATAM and MENA regions including the adoption of alternate payment methods for mobile wallets such as Request-to-Pay, which is an interoperable mobile wallet solution, at a larger scale. TerraPay said it also aims to expand its regulatory and compliance infrastructure including key license applications globally.
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.”
Currently, TerraPay’s payments infrastructure and solutions platform offers business and merchant pay-outs, acquiring and issuing services, among others.
The cost of migrant remittances to developing markets remains expensive and well above the UN Sustainable Development Goals target of 3%. The firm said with the new funding, it will be well-positioned to capitalise on growing demand for its remittance and payments solutions.
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.
He added, “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.”
