Dutch fintech TerraPay gets acquired & raises $9.6m
TerraPay, a Netherlands-based cross-boarder payments infrastructure provider, has announced it’s been bought by investors Prime Ventures and Partech Africa as well as by its management for an undisclosed sum.
These same investors, alongside third investor IFC, have also poured €8.3 million ($9.6 million) into TerraPay to fund its imminent expansion.
Founded in 2015, the fintech provides the infrastructure which helps connect mobile wallets, banks, governments, payment issuers and money transfer services together at a lower cost.
The fintech says its platform is designed to offer an “interoperability solution” which tackles the fragmented payments landscape that often excludes merchants from credit card systems.
Now armed with more than 25 licences, the fintech helps companies, particularly in emerging markets, operate their payments. TerraPay serves customers across 60 countries, mainly throughout Africa, Asia and Europe.
Partner at Prime Ventures Pieter Welten says the fintech’s “unique market position and strong economic moat comprising of licences and regulatory approvals” were big reasons for its investment.
IFC and Partech Africa also cite the fintech’s efforts to boost financial inclusion as a big driver for their own capital injections into the firm.
“Fintechs like TerraPay play a vital role in increasing financial inclusion in emerging markets,” says IFC’s global director Paulo de Bolle.