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New Opportunities for International Businesses: TerraPay Partners with Multipass
DUBAI, UAE, May 7, 2024 /PRNewswire/ — TerraPay, a leading global money movement company, has joined forces with Multipass, a bank challenger in the financial technology sector, to redefine cross-border payment solutions for corporate customers. This strategic collaboration aims to offer unparalleled reliability, efficiency, and cost optimisation to businesses operating in the UK, Europe, and beyond.
Through this partnership, Multipass gains access to TerraPay’s extensive global payments network, expanding its reach to new jurisdictions and local payouts in multiple currencies, ensuring efficient cross-border payment solutions to its clients. Both organizations offer 24/7 customer support and dedicated personal account managers, emphasising the importance of human interaction alongside technological advancement.
Sudhesh Giriyan, President – Cross-Border Payments at TerraPay, expressed enthusiasm about the partnership, stating, “TerraPay is thrilled to collaborate with Multipass to revolutionize cross-border payments for their corporate customers. This partnership underscores our dedication to providing innovative solutions that drive efficiency, reliability, and cost optimisation.”
Rami Chedid, CEO of Multipass for the UAE and the Middle East, commented, “Our partnership with TerraPay represents a significant step forward in our commitment to deliver secure and fast payment solutions to medium-sized entrepreneurs trading internationally. All while prioritizing security and efficiency in speed and costs. As we continue to work on our expansion plans in the UAE, this trusted partnership gives a new level of importance, offering our clients practically a global payment reach.”
He continued to state that Multipass has initiated the application process for a financial services license in UAE to be regulated by The Dubai Financial Services Authority (DFSA), and having received the in-principal approval, the company will launch operations very soon. “This operational expansion will broaden the global payment reach for UAE-based businesses from the very first day, providing them with a competitive edge and opportunities for business growth”, he explains.
About TerraPay:
TerraPay simplifies global money movement – by providing a single connection to the most expansive cross-border payments network regulated in 31 global markets and enabling payments to 144 receive countries, 210+ send countries, 7.5Bn+ bank accounts and 2.1Bn+ mobile wallets. TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent, and fully compliant. TerraPay pushes the boundaries for global businesses – ranging from banks, fintechs and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces – while driving financial inclusion in even the most inaccessible markets. Founded in 2014, TerraPay is headquartered in London, with global offices in Bangalore, Dubai, Miami, Bogota, Dar es Salaam, Kampala, Hague, Dakar, Joburg, Nairobi, Milan, Singapore and is expanding rapidly, having received funding from leading investors, including the IFC (the World Bank), Prime Ventures, Partech Africa, and Visa.
About Multipass:
Multipass a part of Dyninno Group of Companies, is a bank challenger that provides modern financial solutions for businesses with cross-border activity. It offers a multi-currency business account with an instant FX desk and a corporate card that allows international companies to manage their bank transfers in foreign markets in a simple way. Multipass’s customer offering includes local UK, US, and EU (European Union) accounts, as well as a single multi-currency IBAN supporting over 70 currencies and 200 global payment destinations. The company was founded in 2017 and is led by Dmitry Tsymber.
Media Contact:
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Latest News
eWTP Arabia Capital’s Technology Fund I Recognized as Top Performing VC Fund in the Preqin League Tables
RIYADH, Saudi Arabia, May 19, 2024 /PRNewswire/ — eWTP Arabia Capital Technology Fund I (“Techology Fund I”), managed by eWTP Arabia Capital (“eWTPA”), one of the leading private equity firms in the Middle East, was listed in the Preqin League Tables as the the fifth top-performing VC funds in the US$250 Million to US$499 Million category by net Internal Rate of Return (IRR) for vintages between 2015-2020.
“We’re delighted by the recognition of our Technology Fund I as a top-performing VC fund in our sector,” expressed Jessica Wong, Founder and Managing Partner of eWTPA. “This milestone underscores the commitment of our team and the robustness of our investment strategy. It also underscores the significant growth potential of the Middle East and North Africa market, particularly in Saudi Arabia, warranting attention. As a pivotal driver of technological advancement in the region, we’re steadfast in our mission to empower entrepreneurs and deliver value to our investors.”
“Being recognized by Preqin validates our hard work and dedication to supporting and actively contributing towards building the Saudi digital ecosystem,” said Jerry Li, Founder and Managing Partner of eWTPA. “As eWTPA continues to grow and expand its investment portfolio, it remains committed to fostering innovation and driving positive change in Saudi, the GCC and the global emerging markets ecosystem.”
eWTPA has demonstrated exceptional performance, solidifying its position among industry leaders. This recognition underscores eWTPA’s commitment to identifying high-potential market opportunities and generating returns for its investors.
The Preqin League Tables are regarded as a comprehensive and authoritative ranking system for private equity and venture capital performance. Preqin, a leading data provider in the alternative assets industry, compiles these league tables based on various performance metrics, including net Internal Rate of Return (IRR) and other key indicators.
eWTPA’s success reflects its strategic approach to investing high-growth sectors in the MENA region. The firm’s portfolio includes a diverse range of companies poised to make a significant impact on their respective industries.
Acting as a bridge between Asia and the Middle East, eWTPA’s Technology Fund I has achieved significant success since its inception in 2019. The Fund has invested in over 18 companies, several of which have successfully established themselves in KSA, like J&T Express, Raha, Sahm and COFE.
About eWTPA:
Founded in 2019, eWTP Arabia Capital is an investment firm based in Saudi Arabia and China. Backed by marquee regional and international Sovereign Wealth Funds, Institutional investors, and family offices, eWTPA helps create robust local digital ecosystems in the MENA region by partnering with market-leading international businesses and providing a gateway for these companies to establish a strong and sustainable presence in the region. To date, eWTPA has invested in over 18 companies, 13 of which have already established themselves successfully in KSA.
Media contact:
Haile Liao
+966 0530868568
[email protected]
Photo – https://mma.prnewswire.com/media/2416426/eWTP_Preqin.jpg
View original content:https://www.prnewswire.co.uk/news-releases/ewtp-arabia-capitals-technology-fund-i-recognized-as-top-performing-vc-fund-in-the-preqin-league-tables-302149554.html
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