TerraPay, a financial technology business based in the United Kingdom that specializes in payment infrastructure, was successful in obtaining one hundred million Dollars thanks to the leadership of the International Finance Corporation (IFC).
As a result of this achievement, the International Finance Corporation (IFC) has declared its intention to provide the Mauritius branch of TerraPay with a working capital loan in the amount of $30 million.
The loan will have a term of four years, with a grace period of two years, and it will be supplemented by a syndicated loan from the IFC and its partners in the amount of $60 million.
The majority of the funds from the loan will be used to improve TerraPay Mauritius’s working capital. TerraPay Mauritius is the local subsidiary of TerraPay Holdings Limited. According to the information provided by the IFC, the loan will also serve to provide a blueprint for future fundraising initiatives.
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What the Project Entails
This project is anticipated to facilitate access to international fund transfers and cross-border payments. The International Finance Corporation (IFC) is an institution that is a member of the World Bank Group.
In addition to this, it will facilitate the expansion of TerraPay Mauritius, a company that focuses on the processing of international remittances as well as cross-border business payments.
The International Finance Corporation (IFC) issued a statement in which it indicated that the loan facility would assist TerraPay Mauritius in raising the working capital it requires. This will further support the activities of TerraPay Mauritius, which include facilitating international remittances and cross-border commercial payments.
The IFC Board of Directors has not yet decided whether or not to give its blessing to the initiative, although it is anticipated that they will do so in the near future. TerraPay Mauritius plans to improve its financial capabilities with the help of the International Finance Corporation (IFC), which will ultimately result in increased access to and more effective choices for making cross-border payments.
About TerraPay
The idea behind the creation of TerraPay, a mobile-first worldwide payment network, was to make it possible to transmit money to any mobile device. TerraPay is a technology that unites different suppliers of financial services, such as mobile wallet service providers, money transfer operators, banks, and payment platforms, to create “one network” for the safe and smooth flow of cash across international borders.
The network makes it possible to carry out a diverse range of transactions, including as money transfers between individuals, online payments, and payments made by the government.
TerraPay is not tied to any specific platform and supports a variety of open APIs, allowing it to be integrated with virtually any mobile wallet service. Partners are granted access to a worldwide payment network with a single link, which enables service upscaling while simultaneously minimizing both operational and capital expenditures.
TerraPay is a fully regulated financial intermediary services network that provides services beyond its primary core transaction, routing, and processing capabilities. Additionally, TerraPay accepts complete responsibility for regulatory compliance, foreign exchange management, and fund settlement from beginning to end.