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TerraPay Expands Footprint to Europe Through Acquisition of Pay2Global

TerraPay Expands Footprint to Europe Through Acquisition of Pay2Global Image Credit: The Fast Mode

TerraPaya company incubated by Mahindra Comviva announced that it has completed the acquisition of UK-based Pay2Global. In an outright purchase, TerraPay has acquired 100% of Pay2Global for an undisclosed amount.

Pay2Global is a regulated digital international money transfer company with passporting rights into the European Economic Area (EEA). The acquisition helps TerraPay instantly scale its service footprint in the 32 countries of the EEA, accelerating growth by expanding the reach and the range of its money transfer products.

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, said the company.

Following the acquisition, Pay2Global will be rebranded Terra Payment Services (UK) and will commence services to key markets in Asia and Africa within the current financial year. 

Ambar Sur, Founder and CEO TerraPay
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.

Clive Shelton, Director Pay2Global
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.

Author

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

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