TerraPay Secures Over $100 Million in Series B Funding for Global Expansion

Global payments infrastructure company TerraPay has secured over $100 million in its Series B equity financing round, marking a significant milestone in its journey towards expansion. Led by the International Finance Corporation (IFC) and backed by investors like Prime Ventures and Partech Africa, this funding will propel TerraPay's reach into new territories, particularly the Latin America (LATAM) and Middle East and North Africa (MENA) regions.
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With aspirations to strengthen its existing payout network to 150 countries by 2024, TerraPay aims to revolutionise the landscape of cross-border payments. One of its key objectives is to invest in innovative payment methods for mobile wallets, such as Request-to-Pay, which offers interoperable solutions for seamless transactions.
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Ambar Sur, the Founder and CEO of TerraPay, expressed his excitement about the successful completion of the Series B financing round, attributing it to the dedication of his team and the continuous support from investors and lending partners. He emphasised the company's commitment to delivering innovative payment solutions globally, catering to the evolving needs of customers and stakeholders.
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TerraPay's mission aligns closely with the United Nations Sustainable Development Goals, particularly in reducing the cost of migrant remittances to developing markets. By offering low-cost, secure, and efficient cross-border payment solutions, TerraPay aims to drive financial inclusion and empower individuals and businesses worldwide.
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William Sonneborn, IFC's Global Director of Disruptive Technologies and Funds, highlighted the importance of low-cost cross-border payments in promoting financial inclusion and global trade. He commended TerraPay for its efforts in delivering efficient payment solutions while strengthening regulatory and compliance infrastructure.
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The success of TerraPay's funding round underscores its position as a leader in the global payments infrastructure space. With a diverse portfolio of partners spanning banks, mobile wallets, and financial institutions, TerraPay is well-equipped to address the evolving needs of the international payments landscape.
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Pieter Welten, Partner at Prime Ventures, emphasised TerraPay's ability to address real-world problems in emerging markets with its innovative payment solutions. He expressed confidence in the company's growth trajectory, driven by the enormous market opportunity in cross-border payments.
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Cyril Collon, General Partner at Partech, lauded TerraPay's leading role in facilitating instant, secure, and reliable payments across the globe. He highlighted the company's commitment to inclusive pay-in and pay-out solutions, emphasising its adherence to the highest compliance and security standards.
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James Polan, Vice President of DFC's Office of Development Credit, expressed DFC's excitement in supporting TerraPay's mission to expand access to financial services globally. He praised TerraPay's digital capabilities in seamlessly transmitting cross-border payments, connecting communities worldwide.
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In conclusion, TerraPay's successful Series B funding round marks a significant milestone in its journey towards global expansion and financial inclusion. With strong support from investors and partners, TerraPay is poised to continue delivering innovative payment solutions and driving positive impact across borders.