The investment, secured from a consortium of investors including the International Finance Corporation (IFC), ILX, and the British International Investment (BII), aims to enhance the reliability, speed, and affordability of money transfers in Africa.

The funding will be instrumental in expanding TerraPay’s operations to new global markets and money transfer operators, thereby increasing transaction volume and driving down costs.

The company plans to leverage the capital to strengthen its infrastructure, expand its network, and invest in cutting-edge technology solutions to address real-world payment challenges.

“This significant investment is a testament to TerraPay’s commitment to transforming the African payments landscape,” said Ambar Sur, Founder and CEO of TerraPay.

“Our longstanding partnership with IFC has been instrumental in our growth, and we are excited to deepen this collaboration to drive financial inclusion and accessibility across the continent.”

In addition to expanding its operations, TerraPay will partner with Enza, a venture capitalist, to accelerate financial inclusion.

This collaboration is expected to bring numerous businesses into the formal financial ecosystem for the first time.

The high cost of remittances in sub-Saharan Africa has been a persistent challenge and TerraPay aims to make money transfers more affordable and accessible for millions of people across the continent.