TerraPay secures $100m in debt and equity funding to fuel global expansion
Payments infrastructure company TerraPay has raised more than $100 million in debt and equity funding as part of its Series B round.
The round was led by IFC and supported by Prime Ventures, Partech Africa and US International Development Finance Corporation, among others.
Founded in 2014 and headquartered in the UK, TerraPay says it has been building a “payments highway” to enable businesses to provide secure and real-time payments across 27 markets. Its network currently consists of more than 108 receiving countries and 205 sending countries with 62 settlement currencies.
With the new funding, TerraPay plans to boost its global expansion, with a focus on Latin America and the Middle East and North Africa (MENA) region. The company’s goal is to increase its pay-out network to 150 countries by 2024. It also plans to invest in the marketing and adoption of alternate payment methods for mobile wallets, such as request-to-pay.
TerraPay will also use the cash to build out its regulatory and compliance infrastructure, including applying for new licences around the world.
Pieter Welten, partner at Prime Ventures, believes cross-border payments represent a “huge, global market opportunity” and claims TerraPay’s global payment infrastructure “is addressing real-world problems in emerging markets”.