International payments network TerraPay has acquired Pay2Global, a UK-based money transfer company, for an undisclosed sum.
With the acquisition, TerraPay can scale its service footprint in the 32 countries of the European Economic Area (EEA), expanding the reach and the range of its money transfer products. With the impending Brexit creating uncertainty within European economic circles, having access to each market within the European Union may be vital to ensure payment processes in the region continue to run efficiently.
TerraPay constructs a global payment infrastructure designed for low-value cross-border transactions, which may be critical for retail clients relying on online payments and overseas purchases as a significant portion of revenue.
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“We are now open for business in the UK and the EEA, among the world’s top markets for remittances,” said Ambar Sur, Founder and CEO of TerraPay. “Strategically, the acquisition provides a smooth passage into key European markets and would drive increased adoption of the TerraPay platform globally.”
Following the acquisition, Pay2Global will be rebranded as Terra Payment Services (UK) Limited and will begin serving to key markets in Asia and Africa within the current financial year.
TerraPay connects mobile wallet schemes, money transfer operators, remittance service providers, financial institutions and numerous card associations to create a unified network for secure transnational movement of funds.
