Money20/20 USA: TerraPay Talks Financial Inclusion
Money20/20 USA 2023 saw the leading lights of financial services come together in Las Vegas to connect and offer key insights into the future of fintech.
We spoke to Ambar Sur, Founder & CEO of TerraPay, on the company’s expansion plans following a US$100m Series B funding round in early 2023 and what it is doing in the financial inclusion space.
TerraPay: Sustaining growth and championing inclusion
Having always been a profitable company, the equity funding in TerraPay came “at a good time” for Sur and his workforce.
“We are now looking at expanding into new markets,” he says, “as well as expanding regulatory coverage and entering into new product lines. We've now launched acquiring and issuing as well, and we’re looking into more cross-border verticals that need a flow of funds.”
For Sur and TerraPay, now represents the perfect time to champion financial inclusion across the wider financial services industry, particularly given the current macroeconomic climate.
Sur says: “For us, small value instant payments are really important and valuable on a personal level for the ones making those transactions. This is because when customers send money across borders, that money is paying for food, it’s paying for shoes, education or Christmas gifts.
“By enabling that we can address different segments of populations in various markets, and by allowing for the transfer of small value funds, we are ensuring the services we offer can be for everyone.
“A lot of the small fund transactions go into the hands of typically underserved families and single mothers and help bring them into the financial fold.
“So it’s great that our investors can help us enable this level of financial inclusion, and that we’re all on board in understanding this is the right thing to do.”
For more from Sur and TerraPay, you can click on the video link above.
Want to see more from Money20/20 USA 2023? Stay tuned to our website for more content, which will be rolled out in the coming days.
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