TerraPay raises USD $20 million from Lendable to further expand its digital payments network, worldwide
The strategic partnership will support TerraPay’s growth, enabling increased digital transaction volumes across its corridors, worldwide.
Netherlands, 23rd February, 2021: TerraPay, a global payments infrastructure company, has raised a senior secured loan of up to USD $20 million from Lendable Inc., a leading provider of debt to financial technology companies in emerging and frontier markets. This partnership helps increase TerraPay’s digital transaction volumes across it’s corridors, worldwide, thus expanding the Company’s global digital payment infrastructure, in reaching the more underserved communities. Both TerraPay and Lendable strongly support the UN Sustainable Development Goals.
Sending partners have historically pre-funded wallet accounts in amounts sufficient to fund their expected transaction volumes. Lendable’s financing facilitates the extension of credit-lines to TerraPay’s sending partners so they can pre-fund their send volumes, and ensure a guarantee of money access to settle their transactions in real-time. This is key for end-customers to continuously access mobile money transactions across different payment channels, at smaller ticket-sizes and lower costs. It provides TerraPay and it’s sending partners increased operational flexibility to scale volumes in response to market demands, especially so at a time when digital payments have become crucial.
This funding from Lendable will be a key support to TerraPay, helping it extend the reach and depth of its digital infrastructure within the global digital money transfer ecosystem.
Speaking about the funding partnership, Mr Ganapathy Subramaniam (GS), Chief Financial Officer, TerraPay, commented, “We are happy to announce our financing partnership with Lendable. The funds raised will help us augment our operational flexibility and scale our business reach across geographies. It aligns with our broader commitment of making cost effective cross border remittances accessible, affordable and instant to all our global partner’s customers. This will help us build the scale that will eventually promote financial inclusion among our ultimate beneficiaries.”
Speaking about the partnership, Suresh Samuel, Head of Originations, Lendable, commented, “We are excited to form this relationship with TerraPay to support the scaling of their payments infrastructure, increase their ability to settle transactions globally in real time, and deepen access to affordable financial services to customers worldwide. At Lendable, we believe that lowering friction for cross-border digital transactions in Africa is a necessary step to enabling MSMEs to go digital and prosper. We have been extremely impressed with the strong infrastructure the company has put into place and have enjoyed working with the strong TerraPay team. We look forward to growing our partnership with TerraPay as they continue to grow as a leading digital payments provider globally.”
As the transition to digital money transfers in low-touch economies accelerates, where exchanging cash or visiting a local bank branch is difficult, TerraPay registered a strong growth gradient with the expansion of global digital remittances. The company’s offering allows end-customers, which include migrant workers, to address processing needs such as accessing emergency funds or supporting their families in the developing world. Its products improve access to mobile money transactions across different payment channels including P2P payments, bill payments, mobile insurance policies, mobile savings accounts and mobile credit facilities. With Lendable’s financing, TerraPay further consolidates its formidable position in the digital payments infrastructure space.
TerraPay is a licensed digital payments infrastructure and solutions provider, paving the global payments highway. The company’s robust foundation and innovative platform technology serve as the digital interoperability engine enabling customers and businesses globally to send and receive payments on a secure, transparent, efficient, and real-time basis. The agile network supports diverse payment instruments and types of payments while adhering to complex regulations and compliance standards in different markets.
For more information, please visit terrapay.com
Lendable is the leading debt provider to fintech companies across emerging and frontier markets. Founded in 2015, the company has an active portfolio of debt financing investments in fintech companies across Africa, Asia and Latin America. Lendable works with fintechs including digital payment providers, asset financing companies, off-grid energy companies, MSME lenders, consumer lenders, and digital marketplaces.
For more information go to www.lendable.io