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Payments infrastructure fintech TerraPay secures $100m Series B

The mixed debt and equity funding round was led by IFC with support from a consortium of investors.

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Ambar Sur/TerraPay.

London-based fintech TerraPay has raised $100m in equity and debt financing in its Series B round.

The global payments infrastructure company’s funding round was led by IFC and supported by Prime Ventures, Partech Africa and the US International Development Finance Corporation among other investors.

TerraPay will use the funds to continue its plans for global expansion, particularly across the LATAM and MENA regions.

With a network of partners and customers across 108 receiving countries and 205 sending companies, TerraPay plans to extend its pay-out network to 150 countries by 2024.

“This latest funding is a testament to our exceptional achievements and the unwavering dedication of our team in delivering innovative payment solutions to customers globally,” TerraPay founder and CEO Ambar Sur said.

“The continuous support from our investors and lending partners has enabled us to expand our infrastructure, enhance our network coverage, and accelerate investment in our operations, product development, and technology.”

TerraPay also says it is committed to driving financial inclusion, specialising in  “enabling the delivery of cross-border remittances and instant money transfers, securely, and at a low cost”.

With the new funding, it will be able to capitalise on the growing demand for remittance and payments solutions while making cross-border payments more accessible and secure.

“TerraPay’s global payment infrastructure is addressing real-world problems in emerging markets and its innovative payments solutions have the scalability, flexibility and usability its partners need,” Prime Ventures partner Pieter Welten said.

“Cross-border payments represent a huge, global market opportunity and therefore we strongly believe the company will continue its profitable, fast growth trajectory in the coming years.”

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