TerraPay closed its Series B equity financing round by raising more than $100 million to help further the payments infrastructure company’s expansion plans across Latin America and the Middle East and North Africa regions.
The funding round was led by IFC and supported by Prime Ventures, Partech Africa, U.S. International Development Finance Corp. and a consortium of other investors.
TerraPay works with companies across a variety of industries including travel, e-commerce, social media and payroll.
The new investment is expected to boost the United Kingdom-based company’s payout network to 150 countries by 2024 while allowing for investment in the marketing and adoption of alternate payment methods for mobile wallets at a larger scale.
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Ambar Sur, founder and CEO of TerraPay, called the funding a credit to the team’s dedication in delivering innovative payment solutions to customers. “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,” he said.
At The Phocuswright Conference, TerraPay’s vice president of payments, Koert Grasveld, spoke with PhocusWire editor in chief Mitra Sorrells to explain more about the company and its ambitions in travel. Grasveld, who joined the company in September 2021 and has a background in hospitality, is helping TerraPay develop its travel business. He explained what differentiates TerraPay’s offering from its competitors and the company's plans.
Watch the full discussion below.