TerraPay acquires UK's Pay2Global

TerraPay today said it has acquired UK-based Pay2Global, a move that will help the Mahindra Comviva incubated company fast-track its entry into the European market.

However, the company did not disclose the deal size.

Pay2Global is a regulated digital international money transfer company with rights into the European Economic Area (EEA).

"We have completed the acquisition of Pay2Global Limited, following regulatory approvals. Europe is one of the biggest regions for money transfer accounting for an estimated quarter of global remittance flows," TerraPay founder and CEO Ambar Sur told PTI.

This acquisition will help TerraPay instantly scale service footprint in the 32 countries of the EEA with a range of money transfer products, he added.

He, however, declined to comment on the financial details of the deal.

"We are building a global payment infrastructure for low-value cross-border transactions. The service interconnects mobile wallet service providers, financial institutions and money transfer operators in key send and receive markets," Sur said.

Following the acquisition, Pay2Global will be rebranded Terra Payment Services (UK) and will commence services to key markets in Asia and Africa.

"We already had partners in place and now that we have the UK licence (through the acquisition), it will just make the process smoother. We should be able to launch in 5-6 markets by September-end," he said.