TerraPay buys Pay2Global for European payments push
TerraPay, a mobile-first international network, has bought UK-based Pay2Global Limited to boost its ambitions for European expansion in payments. Pay2Global is being rebranded as Terra Payment Services.
In an outright purchase, Netherlands-based TerraPay, which is part of the Mahindra Group, has acquired 100% of Pay2Global for an undisclosed amount.
Pay2Global is a digital international money transfer company with passporting rights into the European Economic Area (EEA). TerraPay says one in five migrant workers – approximately 50 million people – live and work in Europe, making the region “home” to a quarter of global remittance flows.
Ambar Sur, founder and CEO TerraPay, says the acquisition provides a “smooth passage into key European markets” – namely 32 countries of the EEA – and would “drive increased adoption of the TerraPay platform globally”.
TerraPay says it is building a global payment infrastructure for low-value cross-border transactions. The service interconnects mobile wallet service providers, financial institutions and money transfer operators in send and receive markets.
It says of the total $110 billion of remittances sent by migrants living in Europe, about two-thirds ($73 billion) are sent to developing countries outside Europe. Naturally, it has ambitions to tap into this huge market.
Following the acquisition, Terra Payment Services will commence services to markets in Asia and Africa within the current financial year.