Fast-track company TerraPay, inclubated by Mahindra Comviva, recently said it has acquired UK-based Pay2Global, a move that will help its entry into the European market. However, the company did not disclose the deal size.
Pay2Global is a regulated digital international money transfer company with rights into the European Economic Area (EEA). Ambar Sur, founder and CEO, TerraPay said,
We have completed the acquisition of Pay2Global Limited, following regulatory approvals. Europe is one of the biggest regions for money transfer accounting for an estimated quarter of global remittance flows. We are now open for business in the UK and the EEA, among the world's top markets for remittances. Strategically, the acquisition provides a smooth passage into key European markets and would drive increased adoption of the TerraPay platform globally.
This acquisition will help TerraPay instantly scale service footprint in the 32 countries of the EEA with a range of money transfer products, he added. He, however, declined to comment on the financial details of the deal.
We are building a global payment infrastructure for low-value cross-border transactions. The service interconnects mobile wallet service providers, financial institutions and money transfer operators in key send and receive markets, Sur said.
Following the acquisition, Pay2Global will be rebranded Terra Payment Services (UK) and will commence services to key markets in Asia and Africa.
We already had partners in place and now that we have the UK licence (through the acquisition), it will just make the process smoother. We should be able to launch in 5-6 markets by September-end, he said.
TerraPay is building global payment infrastructure for low-value cross-border transactions. The service interconnects mobile wallet service providers, financial institutions and money transfer operators in key send and receive markets. In this respect, the EEA markets are highly complementary to TerraPay's international money transfer network in Asia, Middle East and Africa and will add new source and receive locations and some of the world's largest and fastest growing corridors.
Clive Shelton, Director Pay2Global, commented;
We are delighted to have contributed to TerraPay's ambition to provide low-value cross-border remittances in full compliance with the AML/CFT regulations. We look forward to linking up with other participants of the scheme to terminate transactions and providing our customers with low-cost convenient way to send and receive money.
Following the acquisition, Pay2Global will be rebranded Terra Payment Services (UK) Limited and will commence services to key markets in Asia and Africa within the current financial year.