Mobility solutions provider Comviva has divested its entire stake in TerraPay to a consortium of global investors.

Financial details of the transaction were not divulged.

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Prime Ventures, Partech Partners and World Bank Group member IFC acquired the stake. Concurrently, the investors also injected $9.6m in TerraPay to support its expansion.

TerraPay offers payment infrastructure services to enable swift fund transfers. The company was incubated by Comviva in 2015. Since then, it has acquired more than 25 licences to operate in more than 60 countries.

The consortium will help Netherlands-based TerraPay to scale up operations to settle international payments faster.

It also seeks to enable instant payments across operators’ interoperable networks and remove barriers for transfers to mobile money accounts.

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TerraPay founder and CEO Ambar Sur said: “We believe in our mission to address financial inclusion by making real-time national, regional and global payments accessible to everyone.

“We are excited by this validation from our marquee investors, and look forward to growing rapidly and reaching most of the world’s underserved in the coming years.”

Comviva CEO Manoranjan Mohapatra said: “We are dedicated to incubate new start-up models as a key part of our Corporate business strategy. We are proud to be part of the progress that TerraPay has made over the last five years.”

In December last year, TerraPay and financial services group UBA expanded their partnership. The expansion will provide cross-border money transfer services to customers in 20 African markets.