TerraPay Raises $100M in Series B Funding to Expand Global Payments Infrastructure
After raising more than $100 million in equity and debt financing, TerraPay, a global payments infrastructure company, has closed its Series B equity financing round. Prime Ventures, Partech Africa, the U.S. International Development Finance Corporation (DFC), and some other investors joined IFC in leading this round of funding.
The funds will support and accelerate TerraPay’s growth, promote alternative payment methods for mobile wallets like Request-to-Pay – an interoperable mobile wallet solution- and expand TerraPay’s global footprint, particularly in the LATAM and MENA regions.
TerraPay also plans to increase its regulatory and compliance infrastructure by submitting applications for essential licenses in jurisdictions all over the globe. At the moment, TerraPay provides business and merchant payouts, acquiring and issuing services, and more through its flexible payment’s infrastructure and solutions platform. More than 108 countries serve as recipients, 205 countries serve as senders, and 62 currencies are used in settlements.
TerraPay founder and CEO Ambar Sur 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. 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.”
Still exceeding the United Nations’ Sustainable Development Goals target of 3%, the cost of remittances to developing markets is high. TerraPay is a market leader in payments infrastructure, focusing on facilitating the safe, fast, and low-cost delivery of international remittances and instantaneous international money transfers. With the new capital, the company can continue its mission of making cross-border payments more accessible, secure, and affordable for all people and meet the rising demand for its remittance and payment solutions.
Since 2019, IFC has been one of TerraPay’s most important backers. IFC Global Director of Disruptive Technologies and Funds William Sonneborn commented on the Series B funding, saying,
“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.”
“Since we originally invested, TerraPay has gone from strength to strength and we are extremely excited to continue to support Ambar and his team in this journey,” says Pieter Welten, Partner at Prime Ventures.
Cyril Collon, General Partner, Partech said, “TerraPay has built what is today the leading global payments infrastructure allowing individuals and businesses across 200+ countries to settle any payment instantly in a secure & reliable manner. With this new funding round, Partech is proud to keep supporting this exceptional visionary team led by Ambar and help TerraPay to further accelerate its highly profitable growth ambition. Powering real-time transactions, small or large value, across the globe, requires innovative & inclusive pay-in and pay-out solutions with the highest compliance and security standards, and this is exactly what TerraPay has delivered every single day since we invested.”
The fact that TerraPay was able to raise over $100 million in Series B funding attests to the company’s standing as a frontrunner in global payment infrastructure. Now that it has reached profitability, the company can focus on developing its payments platform further to offer improved cross-border payment services to customers worldwide.
