TerraPay Receives $100 Million Investment

London-based TerraPay has received a $100 million investment to support its plan to expand into Latin America and the Middle East North Africa (MENA) regions. The financing round was led by IFC. It was supported by Prime Ventures, Partech Africa, the US Development Finance Corporation (DFC) and a consortium of other investors.

This funding will be used for TerraPay's global expansion plans, particularly in Latin America and the Middle East North Africa regions. It will also help it strengthen its existing payment network in 150 countries by 2024 and support and accelerate its growth. Furthermore, it is vital for the marketing and adoption of alternative payment methods for mobile devices.

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TerraPay

Further on a larger scale, it will also enable the development of interoperable mobile wallet solutions, such as mobile wallets like Request-to-Pay. TerraPay also aims to expand its regulatory and compliance infrastructure, including key licensing applications worldwide. Currently, TerraPay's platform of flexible payment infrastructure and solutions offers many services, including business/merchant payments, acquiring and issuing services. The company has an extensive network of partners and customers in more than 108 receiving countries and 205 sending countries with 62 different settlement currencies.

TerraPay's receipt of over $100 million in a Series B funding round is an indication that the company has a leading position in the global payments infrastructure space. The company aims to grow by enhancing its payment platform, expanding its capabilities and providing customers with more seamless cross-border payment solutions.