TerraPay, a global payments infrastructure company, has raised in excess of $100 million in equity and debt financing – as part of its Series B equity financing round.
The funding 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.
The funding will help TerraPay’s expansion plans, especially across the LATAM and MENA regions, strengthen its existing pay-out network to 150 countries by 2024, support and accelerate its growth, and invest in the marketing and adoption of alternate payment methods for mobile wallets, like Request-to-Pay – an interoperable mobile wallet solution.
TerraPay aims to expand its regulatory and compliance infrastructure including key license applications across the world. Currently, TerraPay’s payments infrastructure and solutions platform offers business / merchant pay-outs, acquiring and issuing services, among others.