TerraPay provides a mobile-first payment platform that enables instant money transfers to mobile numbers, leveraging a network that connects over 7.5 billion bank accounts, 6 billion cards, and 3.7 billion digital wallets. The service facilitates cross-border payments in local currencies, ensuring secure and rapid transactions with 97% processed in under 60 seconds.
Funding
$95M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many businesses face complexities and delays when making cross-border payments, particularly in emerging markets, due to fragmented payment systems and regulatory hurdles. Traditional methods often involve high transaction fees and slow processing times, hindering efficient global commerce.
Solution
TerraPay offers a global payment infrastructure designed to streamline cross-border transactions, connecting businesses to an extensive network of over 7.5 billion bank accounts, 6 billion cards, and 3.7 billion digital wallets. The platform facilitates payments in local currencies, ensuring secure and rapid transfers. TerraPay's technology aims to simplify global money movement by providing seamless integrations and a scalable infrastructure. The company focuses on delivering a value-driven service with 24/7 support and AI-powered compliance solutions for automated onboarding and checks.
Target Audience
TerraPay primarily serves businesses that require efficient and secure cross-border payment solutions, particularly those operating in or expanding into emerging markets.
Features
- Access to a global network of 7.5B+ bank accounts, 6B+ cards, and 3.7B+ digital wallets.
- Support for payments in 71 currencies.
- High-speed transaction processing, with 97% of transactions delivered in under 60 seconds.
- AI-powered compliance solution for automated onboarding and security checks.
- Comprehensive access to both global and emerging markets, including Africa and Southeast Asia.
- Seamless integrations powered by a scalable infrastructure.
- Global account functionality for pay-ins and payouts in multiple currencies.
- Card issuing capabilities in multiple currencies.