TerraPay Named to the 2023 CB Insights’ Fintech 100 List – recognized for achievements in Cross-Border Payments

NEW YORK, Oct. 9, 2023 /PRNewswire/ — CB Insights today named TerraPay to its sixth-annual Fintech 100 ranking (previously the Fintech 250) – showcasing the 100 most promising private fintech companies of 2023.

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“Representing 24 different countries across the globe, this year’s Fintech 100 is shaping the future of real-time payments, spend management automation, embedded finance, and more,” said Chris Bendtsen, Lead Fintech Analyst, CB Insights. Together, they are not only increasing the pace of innovation, but launching new products and features to revolutionize the industry as a whole. I cannot wait to see what this cohort accomplishes next.”

“It’s an honor to be recognized by CB Insights as part of this year’s Fintech 100 list. Over the past few years, we have been steadily building our cross-border payment network and this pace of growth has accelerated significantly in 2023. We have forged some key alliances that will help us further our vision of building a connected and empowered world of payments. As we expand, we aim to shape a more inclusive and accessible future for cross-border payments.” said Ambar Sur, Founder & CEO, TerraPay

Utilizing the CB Insights platform, the research team selected these 100 winners from a pool of over 19,000 private companies, including applicants and nominees. They were chosen based on factors including – including equity funding, investor profiles, business relationships, R&D activity, news sentiment analysis, competitive landscape,proprietary Mosaic scores, and Yardstiq transcripts – and criteria such as tech novelty and market potential. The research team also reviewed thousands of Analyst Briefings submitted by applicants.

Today, TerraPay has established itself as a global partner to leading banks, money transfer operators, mobile wallet operators, and financial institutions to facilitate digital transactions without borders. Recently, TerraPay successfully closed its Series B equity financing round, raising in excess of $100 million in equity and debt financing. The funding round was led by IFC and supported by Prime Ventures, Partech Africa, Visa, and a consortium of other investors. This funding pushes forward TerraPay’s global expansion plans, especially across the LATAM and MENA regions, aiming to grow their existing pay-out network to 150 countries by 2024. Having acquired two new regulatory approvals this year, TerraPay is now the only payment provider to be regulated and licensed across 29 countries, globally. The company’s key markets include GCC; North, South, and Central Africa; Europe and SE Asia; Central, North, and South Americas.

Quick facts on the 2023 Fintech 100:

  • Equity funding and deals: The Fintech 100 includes a mix of companies at different stages of maturity, product development, and funding. The cohort has raised nearly $22B in equity funding across 381 deals since 2019.
  • Unicorns: There are 31 companies with $1B+ valuations on the list.
  • Global Reach: This year’s winners represent 24 different countries across the globe. Forty-three percent of the selected companies are headquartered in the US. The UK comes in second with 12 winners, followed by Singapore with 7. Additionally, some emerging markets stand out with multiple winners this year. For example, India has 3 winners, while Indonesia and Egypt each have 2.

About CB Insights

CB Insights builds software that enables the world’s best companies to discover, understand, and make technology decisions with confidence. By marrying data, expert insights, and work management tools, clients manage their end-to-end technology decision-making process on CB Insights. To learn more, please visit www.cbinsights.com.


About TerraPay

TerraPay simplifies the movement of money everywhere – providing a single connection to the most expansive cross-border payments network regulated in 29 global markets and enabling payments to 120+ receive countries, 210+ send countries, 7.5Bn+ bank accounts and 2.1Bn+ mobile wallets. TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent and fully compliant. TerraPay pushes the boundaries for global businesses – ranging from banks, fintechs and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces – while driving financial inclusion in even the most inaccessible markets. Founded in 2014, TerraPay is headquartered in London, with global offices Dubai, Miami, Bogota, Dakar, Joburg, Nairobi, Milan, Singapore and is expanding rapidly, having received funding from leading investors, including the IFC (the World Bank), Prime Ventures, Partech Africa and Visa.

Juveria Samrin, juveria.n@terrapay.com

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