Global: TerraPay Earns Prestigious Spot on CB Insights’ 2023 Fintech 100 List for Outstanding Cross-Border Payments Achievements

TerraPay has achieved a significant milestone by being featured on CB Insights’ prestigious Fintech 100 list for 2023, a recognition of the most promising private fintech companies of the year.

The Fintech 100 list represents companies from 24 different countries worldwide, all contributing to the evolution of real-time payments, spend management automation, embedded finance, and more, according to Chris Bendtsen, Lead Fintech Analyst at CB Insights. These innovative companies are not only accelerating innovation but also introducing groundbreaking products and features to reshape the entire industry.

Ambar Sur, Founder & CEO of TerraPay, expressed the company’s honor at being acknowledged on the Fintech 100 list. TerraPay has been steadily expanding its cross-border payment network in recent years, with significant growth in 2023. The company has forged strategic alliances that align with its vision of creating a globally connected and empowered payment ecosystem. As TerraPay continues to expand, its mission is to create a more inclusive and accessible future for cross-border payments.

The selection process for the Fintech 100 list involved careful evaluation by the CB Insights research team, who chose these exceptional companies from a pool of over 19,000 private firms, including applicants and nominees. Selection criteria included equity funding, investor profiles, business relationships, R&D activity, news sentiment analysis, competitive landscape, proprietary Mosaic scores, Yardstiq transcripts, and other factors such as technological innovation and market potential. The team also reviewed numerous Analyst Briefings submitted by applicants.

TerraPay has firmly established itself as a global partner for leading banks, money transfer operators, mobile wallet providers, and financial institutions, enabling seamless digital transactions across borders. The company recently completed a successful Series B equity financing round, raising over $100 million in equity and debt financing. This funding round, led by IFC and supported by Prime Ventures, Partech Africa, Visa, and a consortium of other investors, is propelling TerraPay’s global expansion efforts, particularly in the LATAM and MENA regions. The company aims to expand its payout network to 150 countries by 2024. TerraPay’s unique distinction is its regulatory approval and licensing across 29 countries worldwide, making it the sole payment provider with such a widespread regulatory footprint. Key markets for TerraPay include GCC, North, South, and Central Africa, Europe, SE Asia, and Central, North, and South Americas.

Key Highlights of the 2023 Fintech 100:

• Equity Funding and Deals: The Fintech 100 includes companies at various stages of development, with diverse product offerings and funding levels. Collectively, these companies have raised nearly $22 billion in equity funding through 381 deals since 2019.
• Unicorn Presence: The list features 31 companies valued at $1 billion or more.
• Global Representation: This year’s winners hail from 24 countries, with 43% based in the United States. The United Kingdom follows with 12 winners, while Singapore boasts 7. Additionally, emerging markets like India (3 winners), Indonesia, and Egypt (2 winners each) also feature prominently.

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Headquartered in the United Kingdom, TerraPay envisions a borderless journey for even the smallest payments, ensuring they are as secure as the largest transactions. The company has been constructing a continuously expanding payments network, enabling businesses to deliver transparent customer experiences with seamless, secure, and real-time global payment processing, regardless of payment size. TerraPay holds regulatory approval across 26 global markets and is a prominent global partner for banks, mobile wallets, money transfer operators, merchants, and financial institutions, fostering a more expansive and inclusive international financial ecosystem. With access to a global payment infrastructure, TerraPay’s partners exemplify the promise of global financial inclusion.