TerraPay, a digital payments provider focused on Africa, has raised $95 million in debt financing to lower remittance costs and improve transaction speed and reliability across the continent.
Key investors in this round include the International Finance Corporation (IFC), ILX, and British International Investment (BII). IFC contributed $75 million, with $30 million from asset manager ILX and $30 million from OP Finnfund Global Impact Fund I and BIO. BII added a $20 million senior secured loan.
TerraPay plans to expand its operations to more global markets and partner with additional money transfer operators. CEO Ambar Sur highlighted the critical role of their IFC partnership in achieving these goals. Additionally, TerraPay will collaborate with venture capitalist Enza to further financial inclusion across Africa.
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