London-based TerraPay has closed its Series B equity financing round, raising in excess of $100 million in equity and debt financing, funding its proposed expansion further into LATAM and MENA regions.
The round was led by IFC and supported by Prime Ventures, Partech Africa, U.S. International Development Finance Corporation (DFC) and a consortium of other investors.
Aside from venturing into new territories - TerryPay is present in more than 108 receiving countries and 205 sending countries with 62 settlement currencies - it aims to expand its regulatory and compliance infrastructure including key license applications across the world.
“We are thrilled to announce the successful completion of our Series B financing round. 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," says Ambar Sur, founder and CEO of TerraPay.
"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. We look forward to continuing our valuable strategic partnership with our investors and delivering continuous value to all our stakeholders, including customers, partners, investors, and employees," says Sur.
IFC has been one of TerraPay’s key investors since 2019.
“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. They are building a unique global highway for inclusive payments," says William Sonneborn, IFC’s Global Director of Disruptive Technologies and Funds.