Global payment platform TerraPay has been acquired by a consortium of investors in addition to receiving $9.6 million in new capital.
TerraPay, a partner of XRP parent company Ripple and global remittance service MoneyGram, has been acquired by a group of investors that includes Prime Ventures. According to the release, the India-based TerraPay provides payment infrastructure services to banks, mobile money operators and transfer companies. The report claims TerraPay has acquired more than 25 licenses to operate in over 60 countries in Africa, Asia and Europe.
Ambar Sur, Founder and Chief Executive Officer of TerraPay, said,
We believe in our mission to address financial inclusion by making real time national, regional and global payments accessible to everyone. 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.
Pieter Welten, partner at Prime Ventures, said of the acquisition,
We identified TerraPay as an attractive investment opportunity. 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.
TerraPay developed its fintech company to address the inefficiency and high costs of cross-border payments, particularly focusing on Africa and Asia.
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