TerraPay, a mobile-first international remittance company based in Amsterdam, has acquired Pay2Global, a U.K.-based money transfer service.
Terms of the deal were not disclosed. The combined company will soon rebrand to Terra Payment Services, TerraPay said in an Aug. 29 news release, and will open services in Asia and Africa within the financial year.
Pay2Global, though based in the U.K., has passporting rights into the European Economic Area that will allow TerraPay to expand its service footprint to 32 more countries that complement its own network in Asia, the Middle East and Africa. Of the $110 billion in remittances sent by 50 million migrants living and working in Europe, about two thirds, or $73 billion, are send to developing countries outside Europe.
“We are now open for business in the UK and the EEA, among the world’s top markets for remittances,” Ambar Sur, founder and CEO of TerraPay, said in the release. “Strategically, the acquisition provides a smooth passage into key European markets and would drive increased adoption of the TerraPay platform globally.”