In a welcome move, and against worldwide news of salary cuts and retrenchments, TerraPay announced the recruitment of six senior level positions across North America, East-Africa, Middle-East and Asia, showing how the company is very well placed to combat the challenges posed during the current world crisis caused by the COVID-19 pandemic.
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TerraPay, backed by Prime Ventures, Partech and IFC, has been setting up digital payments infrastructure across the globe since 2015. These investors invested $9.6 million in TerraPay in March this year. This has put TerraPay in a good position to continue to help its partners to allow their customers to send real-time digital remittances to their loved ones. The company has created digital payments infrastructure across more than 100 countries and during these difficult times when the cross border remittances become the biggest source of income and survival for the households, TerraPay has been actively working with its partners to ensure that the money can be sent directly into the mobile wallets and bank accounts. Whenever the money is sent directly to the mobile wallets, it can mean that somewhere in a remote village in Rwanda, a lady would not have to step out of house during the pandemic to collect cash from any kind of queue. She can directly receive and send the money in the mobile wallet to pay for groceries or medicine or even transfer the money further to her ailing sister and her family in another village. TerraPay uses its licenses in more than 14 countries around the world and partnerships with Mobile network operators, banks and money transfer operators to ensure that the money keeps moving even if people can’t.
Ambar Sur, founder and CEO of TerraPay commented, “We understand that we have a huge role to play when it comes to making sure that the money keeps flowing across borders despite the restrictions. The seamless flow of payments and remittances is our way of serving the financially underserved and disadvantaged during these difficult times. We are using these times to ensure that we build our capabilities in this new world order and in order to do that I am very happy to announce the addition to the TerraPay family in N. America, East-Africa, Middle-East and Asia. These announcements are also a statement of belief in our business model of digital payments away from cash which we have been pursuing since inception and which has been backed up by institutions like IFC, Prime and Partech.”
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