- TerraPay will work alongside a range of well-known names in the investment sphere such as Partech Africa and Prime Ventures
- The injection of cash is expected to be used to help TerraPay, which offers money transfer services, expand to new horizons
- “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 one of the investors in a statement
International money transfer firm TerraPay has revealed that a group of investors have put up funds to help the company expand its offer abroad.
TerraPay said that it had received the cash from a range of firms and sources, including Partech Africa, Prime Ventures, IFC and more.
Overall, the total amount invested by the firms into TerraPay is $9.6m.
TerraPay, which was set up by Indian mobile solutions firm Comviva, is a well-known player on the online money transfer scene.
This new round of investment is expected to be used for scaling and expansion purposes.
Investment bank Kempen & Co played a role in advising those involved in the move.
According to Ambar Sur, who is both the founder and the chief executive officer of TerraPay, the new development represented “validation” for the firm from its ”marquee investors”.
“We believe in our mission to address financial inclusion by making real time national, regional and global payments accessible to everyone”, he said.
“We are excited by this validation from our marquee investors, and look forward to growing rapidly and reaching most of the world’s underserved in the coming years”, he added.
For Prime Ventures, one of the main firms behind the investment, partner Pieter Welten said that TerraPay’s position in the market was “unique”.
“We identified TerraPay as an attractive investment opportunity”, he said.
“Led by a strong and experienced management team, TerraPay has a unique market position and strong economic moat comprising of licenses and regulatory approvals, a world-class digital payments platform and global network of partners.”
“Our investment should allow the company to further expand and scale its operations” he added.
Partech Africa’s Cyril Collon, who is a general partner at the firm, highlighted the role of a “superb team”.
“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 Collon.
“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”, he added.
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