Fintech company TerraPay recently announced that it has raised $9.6mn from Prime Ventures (VC), IFC – International Finance Corporation, and Partech. The fresh funding follows the disinvestment from Comviva Technologies Ltd, a subsidiary of Tech Mahindra Ltd from the company.
Ambar Sur, Founder, and CEO at TerraPay, said in a statement that the company will use the funds to grow its operations and build its payment infrastructure.
“We believe in our mission to address financial inclusion by making real-time national, regional and global payments accessible to everyone,” he added.
Talking about the disinvestment, Comviva CEO Manorajan Mohapatra said, TerraPay’s divestiture was in the best interest of all the stakeholders involved. “We shall continue to take such strategic initiatives and leverage our startup factory for fuelling future growth,” he added.
TerraPay, a company incubated by Comviva, the India-headquartered mobile solutions provider, provides Payment Infrastructure Services that help more people around the world to transfer money quickly, safely, and affordably. The company does this by enabling payment service providers such as banks, mobile money operators, money transfer operators or other payment providers to instantly connect to each other at a low cost. Since its start in 2015, TerraPay has acquired more than 25 licenses to operate in over 60 countries in Africa, Asia, and Europe and is expanding globally.
TerraPay founder Sur and Tech Mahindra have a long-standing association with each other. Sur has handled portfolios like Chief Marketing Officer and Director for Europe, Middle East, and Africa with Comviva.
Sur established OyeIndia while working with BPL Innovision, the group’s web technology company. In 2001, he had Co-founded CellCloud Technologies.
Comviva was established by Bharti Telesoft Limited in 1999 in New Delhi. In 2002 it merged with CellCloud Technologies Limited. In April 2009. Bharti changed the name from Comviva to Comviva Technologies Limited. Later in 2012, Tech Mahindra acquired a 51% stake in Comviva from Bharti Group, rebranding it to Mahindra Comviva in 2013.
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