Dutch startup TerraPay, which is making it easier and cheaper to send and receive money to and from emerging countries, announced today that a consortium of investors, including Prime Ventures, Partech Africa and management acquired the company for an undisclosed sum. In addition, the same investors, joined by IFC, invested $9.6 million in TerraPay to fund the company’s expansion.
Interestingly, TerraPay’s press release also confirmed that TerraPay is a Ripple partner. According to TerraPay:
“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 has built partnerships with global money transfer companies including Western Union, Visa, Xpress Money, MoneyTrans, Paga, Ria, Instant Cash, Ripple and MoneyGram.”
TerraPay is a company incubated by Comviva, the India-headquartered mobile solutions provider and a subsidiary of Tech Mahindra Ltd. It provides Payment Infrastructure Services that help more people around the world transfer money quickly, safely, and affordably. The company does this by enabling payment service providers such as banks, mobile money operators, money transfer operators or other payment providers to instantly connect to each other at a low cost. Since its founding in 2015, TerraPay has acquired more than 25 licenses to operate in over 60 countries in Africa, Asia, and Europe and is expanding globally.
With this acquisition and investment, TerraPay is expected to grow and expand rapidly.
TerraPay has been added to our Ripple ecosystem.