Netherlands-based TerraPay, an international payments infrastructure developer, recently confirmed that it was acquired by investors Prime Ventures and Partech Africa, and its management.
The exact amount involved in the acquisition has not been shared publicly.
These same group of investors, and IFC, a third investor, have also contributed €8.3 million (appr. $9.6 million) to help expand TerraPay’s operations.
Established in 2015, the Fintech company offers the technology infrastructure which allows firms to connect to digital wallets, banking institutions, government agencies, payment service providers, and funds transfer services at affordable rates.
The Fintech firm noted that its platform has been developed to provide an interoperability solution which aims to address the fragmented payments space that ends up excluding vendors from credit card payment options.
TerraPay has reportedly acquired over 25 licenses, in order to assist firms that are operating in emerging markets, by helping them process their payments. TerraPay offers services to companies based in 60 different countries. Most of these firms are based in Asia and Europe.
Pieter Welten, partner at Prime Ventures, said that TerraPay’s “unique market position and strong economic moat comprising of licenses and regulatory approvals” were the main reasons why his firm invested in the Fintech company.
Paulo de Bolle, IFC’s global director, remarked:
“Fintechs like TerraPay play a vital role in increasing financial inclusion in emerging markets.”
As explained by its management, TerraPay “builds infrastructure globally, providing a B2B real time cross-border payments service for mobile wallets and bank accounts; as well as transaction processing, clearing and settlement services for regional and domestic faster payment systems.”