Mobile international payments network TerraPay is acquiring Pay2Global in a deal that will allow it to expand around European markets. The size of the deal is undisclosed.
The purchase will allow Netherlands-based TerraPay to expand its payments infrastructure for low-value cross-border transactions into the 32 countries of the European Economic Area where Pay2Global has rights to operate in.
“We are now open for business in the UK and the EEA, among the world’s top markets for remittances,” says Ambar Sur, founder and CEO of Terrapay.
“Strategically, the acquisition provides a smooth passage into key European markets and would drive increased adoption of the TerraPay platform globally.”
As a result of the deal Pay2Global will rebrand to Terra Payment Services (UK) and begin serving key markets in Asia and the Africa by the end of the financial year.
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