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TerraPay raises $100m in debit and equity

TerraPay raises $100m in debit and equity

Payments infrastructure company TerraPay has raised $100 million in equity and debt funding for a global expansion push.

The round was led by IFC and supported by Prime Ventures, Partech Africa and US International Development Finance Corporation.

TerraPay's infrastructure helps banks, mobile wallets, money transfer operators and merchants with their cross-border payments.

The firm will use the money to expand across Latin America and the Middle East and North Africa, strengthening its pay-out network to 150 countries by 2024.

William Sonneborn from IFC says: “Low-cost cross-border payments are critical to financial inclusion and global trade.

"We are delighted to announce our continued support for TerraPay, as they deliver efficient payments instantly and securely, between individuals, businesses, and financial institutions, while also strengthening regulatory and compliance infrastructure."

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