TerraPay, a global payments infrastructure company, has successfully closed its Series B equity financing round, raising in excess of $100 million in equity and debt financing.

The funding round was led by IFC and supported by Prime Ventures, Partech Africa, U.S. International Development Finance Corporation (DFC) and a consortium of other investors.

The funding will help further TerraPay’s global expansion plans, especially across the LATAM and MENA regions, strengthen its existing pay-out network to 150 countries by 2024, support and accelerate its growth, and invest in the marketing and adoption of alternate payment methods for mobile wallets, like Request-to-Pay – an interoperable mobile wallet solution, at a larger scale.

Furthermore, TerraPay also aims to expand its regulatory and compliance infrastructure including key license applications across the world. Currently, TerraPay’s agile payments infrastructure and solutions platform offers business/merchant pay-outs, acquiring and issuing services, among others. The company has built a far-reaching network of partners and customers, present in more than 108 receiving countries and 205 sending countries with 62 settlement currencies.

Ambar Sur, Founder and CEO of TerraPay, said,

“We are thrilled to announce the successful completion of our Series B financing round. This latest funding is a testament to our exceptional achievements and the unwavering dedication of our team in delivering innovative payment solutions to customers globally. The continuous support from our investors and lending partners has enabled us to expand our infrastructure, enhance our network coverage, and accelerate investment in our operations, product development, and technology. We look forward to continuing our valuable strategic partnership with our investors and delivering continuous value to all our stakeholders, including customers, partners, investors, and employees.”

TerraPay’s success in raising over $100 million in the Series B funding underscores its position as a leading player in the global payments infrastructure space. The company has been profitable and is now poised to take its payments platform to the next level, expanding its capabilities and providing more seamless cross-border payment solutions to people all over the world.