African digital payments platform TerraPay has successfully closed a $95 million debt financing round.
The financing was led by a group of investors including the International Finance Corporation (IFC), ILX, and the British International Investment (BII).
Terraplay plans to use the new capital injection to accelerate the growth of affordable remittance services across the continent. The company is also looking to expand into new international markets, partner with additional money transfer operators, and increase transaction volume, ultimately driving down transaction costs.
Ambar Sur, the Founder and CEO of TerraPay, expressed that this significant investment reaffirms the company’s dedication to revolutionizing the payment systems across Africa.
“The IFC has been a crucial partner in our journey, and we look forward to deepening our relationship to drive financial inclusion and accessibility across the continent,” he said.
TerraPay has established itself as a global partner to leading Money Transfer Operators, Mobile Wallet Operators, and Financial Institutions to facilitate digital transactions without borders.
Beyond expanding to new markets, TerraPay also plans to partner with Enza, the venture capital firm, to bring more businesses into the formal financial system. This initiative according to Enza executive director Andrew Key aims to address the historically high costs of remittances in sub-Saharan Africa by making financial transactions more affordable and accessible to millions of people.
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