IFC, Partech Africa, others back TerraPay with over $100m

Payments infrastructure firm TerraPay has raised over $100 million in a Series B funding round, with participation from IFC, Prime Ventures, Partech Africa, the US International Development Finance Corporation, and other investors.

The capital will be used to expand TerraPay’s global footprint, especially in Latin America and the Middle East, strengthen its existing pay-out network, and invest in alternative payment methods for mobile wallets. TerraPay is also planning to extend its regulatory and compliance infrastructure.

Currently operating in 108 receiving countries and 205 sending countries, TerraPay specialises in providing low-cost, secure cross-border remittances and instant money transfers.