TerraPay, a Dutch fintech startup that was incubated by Indian mobile solutions provider Comviva, has been acquired by its management and a duo of investors, namely Prime Ventures and Partech Africa.
In addition, the consortium has teamed up with IFC to pump $9.6 million into the company to bankroll its global expansion as it competes against the likes of Transferwise and WorldRemit.
TerraPay provides payment infrastructure services that help people around the world to transfer money. The company does this by enabling payment service providers such as banks, mobile money operators, money transfer operators or other payment providers to connect to each other at a self-described 'low cost'.
Since it was incubated in 2015, TerraPay has acquired more than 25 licenses to operate in over 60 countries in Africa, Asia and Europe, and boasts partnerships with the likes of Western Union, Visa, Ripple and Moneygram.
"We are excited to join efforts with an outstanding group of investors and a superb team for the next part of TerraPay’s journey,” said Cyril Collon, General Partner at Partech Africa, one of the investors backing the startup.
"We have been impressed by the cutting-edge platform TerraPay’s teams have developed. This platform will play a key role in reaching the interoperability goals necessary for true financial inclusion. The impact for end-customers is already massive in terms of quality of service, reliability and speed," Collon added.