Grace Ashiru
TerraPay is a British fintech company that focuses on payment infrastructure. Recently, the International Finance Corporation (IFC) helped the company raise $100 million. After this success, the IFC has said it will give a $30 million loan to TerraPay’s Mauritian branch to help with its working capital.
The loan will be paired with a $60 million loan from the IFC and its partners. The loan will be paid back over four years, with a two-year grace time.
The main reason for the loan is to help TerraPay Mauritius, which is the local branch of TerraPay Holdings Limited, improve its working capital. The IFC says that the loan will also help set up a way to raise money for future projects.
The IFC is a part of the World Bank Group, and this project is meant to make it easier to move money internationally and pay across borders. It will also help TerraPay Mauritius, which specializes in foreign money transfers and business payments made across borders, grow.
In a statement, the IFC said that the loan facility would help TerraPay Mauritius get the working cash it needs, which will help its efforts to make it easier for people to send money abroad and for businesses to pay each other across borders.
The project is still subject to approval by the IFC Board of Directors, but it is expected to receive the green light soon. With the support of the IFC, TerraPay Mauritius is set to enhance its financial capabilities, ultimately leading to greater access and more efficient cross-border payment options.
