NAIROBI, Kenya- African digital payments platform TerraPay scored a major victory, closing a $95 million debt financing round.
This impressive funding was led by heavyweights like the International Finance Corporation (IFC), ILX, and the British International Investment (BII), marking a significant step forward for the company’s ambitious growth plans.
With this fresh injection of capital, TerraPay is poised to accelerate the growth of its affordable remittance services across Africa.
The company’s plans are bold: expand into new international markets, partner with additional money transfer operators, and ramp up transaction volumes to drive down costs.
This move is set to enhance financial inclusion and make digital transactions more accessible to millions.
Ambar Sur, TerraPay’s Founder and CEO, highlighted the importance of this investment in their mission to transform 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,” Sur stated.
TerraPay’s strong ties with leading Money Transfer Operators, Mobile Wallet Operators, and Financial Institutions underscore its commitment to facilitating seamless digital transactions across borders.
Beyond expanding its geographic footprint, TerraPay is partnering with Enza, a venture capital firm, to integrate more businesses into the formal financial system.
Enza’s executive director, Andrew Key, emphasized that this initiative aims to tackle the historically high costs of remittances in sub-Saharan Africa.
By making financial transactions more affordable and accessible, TerraPay and Enza are set to revolutionize the landscape for millions of people.
