IFC fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing capital in the international financial markets, and providing advisory services to businesses and governments.  IFC helps companies and financial institutions in emerging markets create jobs, generate tax revenues, improve corporate governance and environmental performance, and contribute to their local communities. The goal is to improve lives, especially for the people who most need the benefits of growth.

International Finance Corporation

Partech is a global tech investment firm headquartered in Paris, with offices in Berlin, Dakar, Dubai, Nairobi, and San Francisco. We are a team made up of independent thinkers. We are unconstrained by hype, trend or fixed ways of working. We believe in the power of alliance in action, working together and side-by-side with the founders we back, in the shared pursuit of success. We bring together capital, operational experience and strategic support for the entrepreneurs we back from seed through to growth stage. Born in San Francisco 40 years ago, today we manage €2.5bn AUM and our current portfolio of 220 companies in 40 countries, across 4 continents.

Partech

Prime Ventures is a venture capital firm focusing on investing in European companies in the technology and related industries and leverages its capital, experience and network to actively guide them into global category leaders. The firm has invested in companies in the Benelux countries, United Kingdom, France, Finland and Sweden.  From its offices in The Netherlands and the UK the independent partnership manages over EUR700 million in committed capital. (Source : [Prime Ventures](http://www.primeventures.com/about_us))

Prime Ventures

U.S. International Development Finance Corporation (DFC) is America’s development bank. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest in projects that create jobs in emerging markets in sectors including energy, healthcare, critical infrastructure, telecommunications, and financing for small businesses and women entrepreneurs. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.

U.S. International Development Finance Corp

TerraPay

TerraPay, a mobile-first international payment network, has been founded with the vision to send money to any mobile. TerraPay interconnects financial services providers -- mobile wallet service providers, money transfer operators, banks, and payment platforms -- to create ''one network'' for secure and seamless transnational movement of funds. The network facilitates a broad set of transactions, including interpersonal transfers, e-payments, and government disbursements. TerraPay is platform-agnostic and supports standard open APIs for integration with any mobile wallet provider. Through a single connection, partners gain access to a global payment network, enabling service up-scaling while minimizing Opex and Capex investments. As a fully regulated financial intermediary services network, TerraPay offers services beyond its principal core transaction, routing, and processing functions and assumes end-to-end responsibility for regulatory compliance, foreign exchange management, and fund settlement.

Based in the UK, Terrapay offers a cross-border payments infrastructure for financial institutions (including banks), mobile wallets, money transfer operators, and merchants. Terrapay’s network covers transaction processing, clearing, and settlement services by supporting various payment instruments and types. The company aimed to improve financial inclusion by reducing migrant remittance costs in line with the UN Sustainable Development Goals.

Democratizing financial technology with a suite of API-based solutions

FinTech Infrastructure

Terrapay

TerraPay partners with Suyool to boost financial accessibility in Lebanon

Fabrick

Italy-based Fabrick has partnered with UK-based TerraPay to create an integrated offering that streamlines payment processes, reduces operational costs, and ensures regulatory compliance by leveraging Fabrick's Banking-as-a-Service platform and TerraPay's global payment network.


Platforms that allow FinTechs to integrate banking services such as opening and maintaining accounts, facilitating card payments, etc.


Visa

To integrate Visa solutions into the TerraPay network, with the aim of simplifying digital cross-border commerce for consumers and small and medium-sized businesses (SMBs).

The partnership will facilitate the development and delivery of payment solutions to drive financial inclusion and cashless transactions for domestic payments and global remittances. The aim is to create and enhance solutions to drive repeat consumption of the mobile wallets and digital currency for digital payments and remittances.

Digital Wallets

Companies that offer white-label solutions for businesses and fintechs to set up their own digital wallet offering.

Based in the UK, Terrapay offers a cross-border payments infrastructure for financial institutions (including banks), mobile wallets, money transfer operators, and merchants. Terrapay’s network covers transaction processing, clearing, and settlement services by supporting various payment instruments and types. The company aimed to improve financial inclusion by reducing migrant remittance costs in line with the UN Sustainable Development Goals.Its solutions broadly include cross-border remittance (person-to-person and business-to-business) and payment services. Its payment services include infrastructure to embed request-to-pay (RTP) and business payouts (including transaction monitoring, risk management, and sanction screening, among others). Terrapay planned to include issuance as well as collection and acquiring services to its payment solutions (as of April 2023). The company claims that it processes around 97% of its transactions in under one minute.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/30754">June 2024</a>, Terrapay partnered with London-based <a href="https://sp-edge.com/companies/2937113">Thredd</a>, a card-issuing platform, to power its virtual card payments solution for the travel industry. In March 2024, TerraPay <a href="https://sp-edge.com/updates/27366">partnered with Alfardan Exchange</a> to enhance cross-border remittances in Qatar. In January 2024, Terrapay <a href="https://sp-edge.com/updates/25278">partnered with Orange Finances Money Mali</a>, a subsidiary of Orange Mali specializing in electronic money, to enable cross border payments in Mali. In October 2023, Terrapay <a href="https://sp-edge.com/updates/22881">partnered with Papara</a>, a money transfer, payment management, and investment platform and <a href="https://sp-edge.com/updates/23086">with Nepui</a>, a Columbian digital banking platform, to expand its product reach across Turkey and Columbia, respectively. In May 2023, Terrapay received an <a href="https://sp-edge.com/updates/18479">undisclosed strategic investment from Visa</a>, and formed a strategic partnership to collaborate and simplify cross-border transactions, primarily for small and medium-sized businesses (SMBs). Through its network of partners and customers, Terrapay was present in over 205 sending countries and 108 receiving countries (62 settlement currencies), as of April 2023. Notably, the platform had around 121 banking partners and its non-banking partners included Zai, MoneyGram, NPCI, and Beyon Money, among others. Moreover, Terrapay was registered and regulated across 27 global markets, as of April 2023.

Cross River Bank provides a white-label banking-as-a-service (BaaS) platform for enterprises, combining banking services, payments, and marketplace lending infrastructure to build fintechs. Its solutions comprise demand deposits, savings accounts, credit and debit cards, and payment clearing services, including automated clearing house (ACH) and real-time payments. The company also provides banking and payment infrastructure for the crypto industry, including risk management services for its crypto clients. Key customers and partnerships As of December 2020, the company had over 400 employees, and had entered into more than 30 partnerships. Moreover, as of March 2021, the platform had been used to support over 375,000 small businesses through the paycheck protection program (PPP).Cross River Bank teamed up with UK-based BaaS provider <a href="https://sp-edge.com/companies/421515">Railsr </a>in January 2019 to launch a common API for their platforms to be used globally. As of April 2022, Cross River had over 80 clients including lenders such as Affirm, Best Egg, and Upstart, neobanks such as <a href="https://sp-edge.com/companies/220119">Revolut </a>, and blockchain-based payment processing platform GreenBox. The platform reportedly originated over USD 24 billion in loans per annum, around 10x the value of loans it originated in 2015. Cross River Bank has expanded its operations by acquiring Betterfin, a platform offering lending-as-a-service (LaaS) solutions, in November 2021. Through the acquisition, Cross River Bank leveraged Betterfin’s software to digitize parts of the small-business lending process (such as origination and underwriting).The company partnered with <a href="https://sp-edge.com/companies/1643">American Express </a>(Amex) to enable FinTechs to issue credit cards through Cross River Bank, on the Amex network, while also providing select Amex benefits to the FinTechs.Funding and financials The company <a href="https://sp-edge.com/updates/9458">raised USD 620 million in funding </a>co-led by Eldridge and a16z, at a valuation of over USD 3 billion, to invest in product developments, recruitment, international expansion, and boosting strategic partnerships.

Cross River Bank

Synctera was co-founded in 2020 by Peter Hazlehurst, the former head of Uber Money, who previously led the development of Google Wallet. The company offers an API-based infrastructure platform for community and regional banks to find and partner with FinTechs. This enables FinTechs to leverage the former’s licenses to embed FDIC-insured mobile checking, debit cards, savings accounts, and payment innovations, among other features. The API platform offered to the banks will then be sold to the FinTechs to code on. Although the end customers interact with the FinTechs, they legally belong to the bank.<a href="https://sp-edge.com/updates/8117">Synctera mainly charges the banks </a>based on the interchange fees they earn (half of the interchange fees, as of January 2022) from the services provided. It does not charge them an initial amount to use the platform. Moreover, the platform also embeds fraud-as-a-service and charges FinTechs on a per transaction basis (4 cents per transaction) should they choose to use it. It subsequently shares that revenue 50/50 with the banks.The company launched the “t-minus10” project in January 2022, which offers a live sandbox for FinTechs to build apps, test, and go to market, enhancing their access to banking partners. It subsequently launched a “Smart Charge Card” (APIs to build, launch, and issue charge cards) and “White-label Banking App” (a codebase for developers to build embedded banking products or neobank apps) infrastructure in October 2022.Key customers and partnershipsIn February 2022, Lineage Bank (a community bank in Tennessee) and GoGetr (FinTech aiming to promote health and wealth management) became the first companies to launch a banking solution using the Synctera platform. As of March 2023, the platform was working with around 50 fintechs, of which 14 were live (including Wayapay and Float). Synctera reportedly had over 20 implementations set for launch in the following two months.Synctera announced a new card issuing and management infrastructure offering (Card-as-a-Service), in July 2021, which it developed in partnership with Mastercard and leading card issuing infrastructure disruptor, <a href="https://sp-edge.com/companies/64287">Marqeta</a>.Funding and financialsIn March 2024, Synctera raised USD 18.6 million in <a href="https://sp-edge.com/updates/27244">Series A1 extension</a> co-led by Lightspeed and Fin Capital. The company earmarked the funds to support business growth by facilitating more complex use cases across the US and international markets. The company also <a href="https://sp-edge.com/updates/16980?industryIds=53">raised USD 15 million</a> in funding led by NAventures in March 2023, to invest in expanding the platform’s use cases and broadening its geographic footprint beyond the US (including expanding to Canada). Meanwhile, Synctera has also partnered with the National Bank of Canada to enable companies to launch FinTech apps and embedded banking products in Canada.

Synctera

Based in the UK, Weavr, formerly known as Open Payments Cloud, was spun out of payment provider Ixaris in 2019. Weavr offers the infrastructure for enterprises to embed banking services across various industries, including education, fitness, logistics, etc. Weavr’s “Meta” platform combines multiple banking and payments partners in one platform through application programming interfaces (APIs). Using the APIs, enterprises can embed virtual banking services such as card payments, fund transfers, and international banking accounts.Weavr expanded its operations to Singapore in November 2022, as part of its global expansion plans.Key customers and partnershipsAs of July 2021, Weavr’s customers included Finway, Thanks Ben, and MySkillCamp, among others.In October 2019, Weavr partnered with payment service providers Global Processing Services (GPS), Paynetics, and iDenfy to enable developers to create and run sophisticated and streamlined payment experiences for their European customers through Weavr.Funding and financialsWeavr <a href="https://sp-edge.com/updates/8647?industryIds=53">raised USD 40 million </a>in Series A funding in February 2022, led by Tiger Global, less than a year after <a href="https://sp-edge.com/updates/4166">raising GBP 4 million (USD 5.5 million) </a>in seed funding in July. The funds were earmarked for business development and recruitment to support Weavr’s expansion to the US market, while also supporting its continued expansion in the UK and Europe.

Weavr

MX offers an open finance portal, data connectivity application programming interface (API), and MX platform API for banks, credit unions, and other financial service providers. The company’s solutions allow its clients to utilize financial data to reduce fraud, approve loans faster, and improve their customer experiences. In addition to APIs and connections, MX also offers a range of capabilities, including data aggregation, analytics, financial feed insights, wealth and investment services, and verification services. MX looks to enable banks and financial institutions to launch next-generation services and apps that automate and personalize financial experiences. As of January 2021, the company noted that it worked with more than 2,000 banks, credit unions, and FinTech companies, and its platform reached over 200 million end-users. Moreover, it also powered 43 of the top 50 digital banks as of the same period. In <a href="https://sp-edge.com/updates/8753?industryIds=53">February 2022, MX partnered </a>with <a href="https://sp-edge.com/companies/361160">Rize </a>, to enable users to access Rize’s banking infrastructure to build, launch, and scale financial products through a single API, thereby reducing the development time and cost. In January 2021, MX raised USD 300 million in a Series C funding round led by TPG Capital, at a valuation of USD 1.9 billion. The newly raised funds are to be invested in improving MX’s capabilities, expanding its global presence, and increasing its workforce. In January 2021, MX noted that its headcount tripled over the past two years, reaching 550 staff members. The company appointed Shane Evans as interim chief executive officer (CEO) in January 2022, to prepare the company for an IPO or sale (at a valuation of over USD 5 billion) and oversee its growth.

Bankable is a banking-as-a-service (BaaS) infrastructure provider allowing financial institutions and corporations to utilize its API to integrate banking services. It provides a platform for its enterprise customers to offer modular banking services, including ledger management (process data from multiple banks to support cash management for global corporate affairs), digital banking, payment cards, and e-wallets. The company expanded its platform by <a href="https://sp-edge.com/updates/19662">acquiring Arex Markets </a>in June 2023, to embed working capital solutions (such as flexible invoice financing, corporate credit cards, lodged cars, and revolving credit). The company has a global presence, with operations spanning from the US to the Middle East as of January 2021. Bankable noted that the expansion of its global footprint also helps its European and US FinTech clients expand their operations internationally. Key customers and partnerships In January 2020, the company partnered with the diversified FinTech infrastructure provider <a href="https://sp-edge.com/companies/85350">Plaid </a>, which enabled Bankable’s customers to use Plaid’s tech to connect to more than 15,000 banks in the US and Europe. Funding and financialsIn April 2019, <a href="https://sp-edge.com/companies/13061">Visa </a>invested an undisclosed sum in Bankable and entered a partnership with the startup. Through the partnership, Visa members obtained access to Bankable’s platform, while Bankable used VisaNet (Visa’s electronic global payments network) to extend its international payment and banking solutions.

Bankable

Platforms that enable FinTechs to integrate a range of payment-related services such as one-time payments, subscriptions, and receipt management for domestic and cross-border transactions.


Companies that enable organizations to embed anti-money laundering (AML), identity verification, and know-your-customer (KYC) solutions.


Platforms that allow FinTechs to integrate lending services,  by typically applying AI/ML technology to a spending analysis to analyze creditworthiness.

Companies providing APIs and integrations for FinTechs to access securities markets, facilitate transactions and clearing, and provide insights to help end-users manage their finances.

May specialize in promoting inclusiveness in financial services, primarily in the investment and lending spaces

AI/ML can improve the quality of their offerings, such as using AI/ML to reduce biases

Used for payment completions, accessing banking and transaction data, and providing financial insights, among others

ANALYST_QUICK_TAKE

PROMINENT_CATEGORY

<div>
 
 Italian FinTech infrastructure platform, Fabrick, has struck a deal with TerraPay, a cross-border payment infrastructure provider from the UK. The goal is to broaden Fabrick's reach and boost its cross-border payment provision across Europe.
 By leveraging Fabrick's banking-as-a-service platform and TerraPay's global payment network, the collaboration hopes to generate an integrated service that simplifies payments, lowers operational expenses, and guarantees regulatory compliance.
 
</div> Analyst QuickTake: 
 Fabrick’s recent expansion efforts in Europe, including the acquisition of <a href="https: 
//www.finapi.io/en/fabrick-announces-acquisition-of-finapi/"> finAPI, a German open banking provider, </a> and today’s partnership, are in line with the company’s <a href="https: 
//sp-edge.com/updates/18993"> EUR 40 million </a> fundraising in May last year, which was earmarked to support its European expansion plans, product development efforts, and scaling infrastructure.

Terrapay

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