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October 26, 2020

TerraPay obtains money services business licence to enable remittances from Canada

Netherlands-based global payments infrastructure company TerraPay has secured its MSB registration from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Obtaining the MSB licence is part of its move to foray into North America, to cater to the money transfer needs in the continent.

TerraPay will provide its partners and customers in the region through its cross-border payments platform, with the FINTRAC Canada MSB licence.

Using this platform, they can send money abroad in real-time at low costs, noted TerraPay. They can also enjoy other value-added financial payment services from TerraPay.

TerraPay now has more than 45 regulatory approvals and local licences, in addition to the FINTRAC licence.

It establishes a connection between Canadian immigrants and its global partner networks.

TerraPay provides immigrants with two billion bank accounts, over 500 million mobile wallets across 100 countries, and in more than 58 currencies.

TerraPay founder and CEO Ambar Sur said: “The FINTRAC licence is a strategic boost to our commitment in driving digital interoperability across countries.

“We are well equipped to service the payment requirements of our partners and their customers in Canada.

“We work towards ensuring global access to all participants and innovation in the payments ecosystem.”

Founded in 2015, TerraPay offers B2B real-time cross border payments service for mobile wallets and bank accounts.

It also facilitates transaction processing, clearing and settlement services for regional and domestic faster payment systems.

TerraPay’s investors include Prime Ventures, Partech Partners, the International Financial Corporation, and its founding team.

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