Press Release: Fintech raises $9.6 million from Prime Ventures, IFC, and Partech
Summary
Amsterdam, the Netherlands, March 03, 2020: TerraPay announced today that a consortium of investors, including Prime Ventures, Partech Africa and management acquired the company for an undisclosed sum. TerraPay’s Payments Infrastructure opens the possibility to include merchants traditionally excluded from credit card systems, allow companies to pay salaries through mobile money accounts and help banks to settle remittances in real-time. Fintechs like TerraPay play a vital role in increasing financial inclusion in emerging markets.” “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 Cyril Collon, General Partner at Partech Africa. The impact for end-customers is already massive in terms of quality of service, reliability and speed.” Since its inception, the TerraPay founders focused on: (i) developing a robust, scalable and agile tech platform; and (ii) compliance and the acquisition of payment intermediary and money transfer licenses. TerraPay is the latest addition to IFC’s growing FinTech portfolio in emerging markets including mobile money operator BKash in Bangladesh, merchant acquirer Fawry in Egypt, payment processor Interswitch in Nigeria, online lender Branch in Africa and other cross-border remittance players.