TerraPay Closes Pay2Global Acquisition

terrapay-mahindra-comvivaMahindra Comviva incubated payment network firm TerraPay Monday announced it completed the 100% acquisition of  UK-based Pay2Global for an undisclosed amount.

Pay2Global is an international money transfer company having license to operate or to facilitate financial transaction in 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.

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

According to some industry study, approximately 50 million people or one in five migrant workers live and work in Europe, making the region home to a quarter of global remittance flows.

Of the total $ 110 billion of remittances sent by migrants living in Europe, an approximate two-thirds ($ 73 billion) are sent to developing countries outside Europe, creating a sizeable addressable market for 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,” said Ambar Sur, Founder and CEO TerraPay.

TerraPay is a global payment network company that interconnects other mobile wallet service providers. It has created an infrastructure for low-value cross-border transactions across 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.

“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,” said Clive Shelton, Director Pay2Global.

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