During the Merchants Payments Ecosystem event last March, we had the opportunity to chat with David Backshall, Head of UK & Europe at TerraPay. Our COO, Bram Vreugdenhil discussed with him TerraPay's groundbreaking approach to cross-border payments and its strategic partnerships, shedding light on the future of financial transactions. Join us as we delve into TerraPay's journey and its impact on revolutionizing cross-border payments in emerging markets.
Bram Vreugdenhil: Could you shed some light on TerraPay's revolutionary approach to cross-border payments, particularly in emerging markets?
David Backshall: Absolutely. TerraPay's value proposition lies in its ability to facilitate real-time transactions across borders, eliminating the cumbersome processes and excessive fees typically associated with international money transfers. Our infrastructure operates outside conventional banking rails, providing users with seamless and cost-effective solutions. We are truly a global money movement company with 30 global markets and enabling payments to 144 receive countries, 210+ send countries, 7.5Bn+ bank accounts and 2.1Bn+ mobile wallets.
Bram Vreugdenhil: 2023 was a challenging year for many fintech companies. What do you think contributed to TerraPay's success amidst this adversity?
David Backshall: TerraPay's success in 2023 can be attributed to our unwavering commitment to our internal mission – stay hungry, stay humble. Despite the challenging landscape, we remained focused on making financial transactions easy and accessible for people in emerging markets. Additionally, our disruptive value proposition and robust infrastructure played a crucial role in setting us apart.
With 24/7 support, we process 97% of transactions in under 60 seconds.
Our driving USP is our strong compliant capability, ensuring a 100% secure payment system.
"TerraPay's success in 2023 can be attributed to our unwavering commitment to our internal mission – stay hungry, stay humble. Despite the challenging landscape, we remained focused on making financial transactions easy and accessible for people in emerging markets."
Bram Vreugdenhil: TerraPay has been hailed for its revolutionary approach to cross-border payments. Can you walk us through how TerraPay's infrastructure operates outside the conventional banking rails?
David Backshall: Certainly. TerraPay has disrupted the status quo by establishing a robust infrastructure that facilitates real-time transactions across borders. We leverage innovative technology and strategic partnerships to provide users with a seamless experience, eliminating the inefficiencies and excessive fees associated with traditional banking channels.
Bram Vreugdenhil: TerraPay's collaboration with Visa is quite noteworthy. How does this partnership contribute to TerraPay's mission?
David Backshall: Visa strategtically investeted in and partnered with TerraPay to empwer seamless and fast person-to-person remittances for individuals, as well as business pay-outs for small and medium businesses (SMBs), across 108 receive countries. This partnership underscores our commitment to driving innovation and expanding our reach. It enhances TerraPay's credibility and opens up new opportunities for growth and scalability. Together, we're solidifying our position as a key player in the fintech landscape.
Bram Vreugdenhil: TerraPay's success is undoubtedly driven by its exceptional team. Can you elaborate on TerraPay's vision for creating a winning team culture?
David Backshall: At TerraPay, we place a strong emphasis on hiring individuals with a strong work ethos and decision-making capabilities. Our culture fosters empowerment and adaptability, enabling our teams to seize opportunities and make a difference. We believe in staying hungry and humble, keeping us focused on our mission amidst rapid growth.
Bram Vreugdenhil: Looking ahead, what are TerraPay's goals and challenges?
David Backshall: Our goal is to make cross-border payments as seamless as local alternatives. We're focused on expanding our presence, particularly in key markets like LATAM. Building teams and navigating regulatory landscapes are some challenges we anticipate, but we're dedicated to overcoming them.
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Bram Vreugdenhil: Finally, what message would you like to convey to TerraPay's stakeholders and the broader community?
David Backshall: Our vision is to empower individuals and businesses in emerging markets, recognizing the profound impact even small transactions can have. With dedication and teamwork, we're committed to making cross-border payments accessible to all, promising a future where financial inclusion knows no boundaries.
TerraPay's journey serves as a testament to the transformative power of innovation and collaboration in the fintech sector. As they continue to break barriers and redefine the landscape of cross-border payments, TerraPay invites individuals and businesses to join them in their mission of making financial transactions accessible, seamless, and empowering for all. With dedication, teamwork, and a commitment to their vision, TerraPay is not only revolutionizing the way we send and receive funds but also paving the way for a more inclusive and connected global economy.
2023 was challenging year for many FinTechs, which resulted in less investments and multiple lay-off rounds. TerraPay was one of the few success stories 2023 had to offer. With a mission to make it easy and accessible for people to send and receive funds in emerging markets, TerraPay has set a firm foundation across the globe with its disruptive value proposition.
TerraPay's value proposition lies in its revolutionary approach to cross-border payments, particularly in emerging markets. Traditional banking channels have long been associated with inefficiencies, high costs, and delays in processing international transactions. Recognizing this pain point, TerraPay has disrupted the status quo by establishing a robust infrastructure that operates outside the conventional banking rails.
The core of TerraPay's value proposition is its ability to facilitate real-time transactions across borders, eliminating the cumbersome processes and excessive fees typically associated with international money transfers. By leveraging innovative technology and strategic partnerships, TerraPay has built a network that spans over 144 countries and 80 wallets, enabling users to send and receive funds seamlessly.
Moreover, TerraPay's direct reach to both wallets and bank accounts enhances accessibility and cost-effectiveness for end-users. By bypassing intermediaries and leveraging digital channels, TerraPay minimizes transaction costs and maximizes efficiency, ultimately empowering individuals and businesses in emerging markets to participate more actively in the global economy.
Furthermore, TerraPay's strategic partnership with Visa underscores its commitment to driving innovation and expanding its reach. This collaboration not only enhances TerraPay's credibility but also opens up new opportunities for growth and scalability, further solidifying its position as a key player in the fintech landscape.
In essence, TerraPay's value proposition lies in its ability to provide a seamless, affordable, and accessible solution for cross-border payments, thereby empowering individuals and businesses in emerging markets to thrive in an increasingly interconnected world. As the company continues to expand its presence and forge new partnerships, its mission of making cross-border payments as frictionless as local alternatives becomes increasingly attainable, promising a future where financial inclusion knows no boundaries.
This value proposition and their early stage of profitability has resulted in investments of over 100M, and a strong partnership with Visa. Their secret? David Backshall, the Head of UK & Europe, explains that a huge part of their success lies within the foundation of the teams.
TerraPay started 2023 with 400 employees, they managed to increase their team to 1000 employees across the globe. The core of their success is not only their top-notch infrastructure that offers real-time transactions but also their highly committed teams that make sure every transaction is delivered. TerraPay’s customer services team divide the work around the clock and have an excellent process in place to make this happen.
TerraPay has a strong vision on culture, where they hire people with a strong work ethos, and are able to make decisions. They hire people who are not afraid to make a call and take the lead on the initiative. They facilitate and support and thereby create a strong group of professionals. This flexibility helps to see opportunities, which is needed in the continuous changing environment within geopolitics. One of their motto’s is to stay hungry and stay humble, according to Dave Backshall. Since more than 350 employees are divided in all operating countries outside of India, a strong process must be in place, whilst being adaptable to local regulations and cultures.
The road ahead is exciting. With 30 licences across the globe they are significantly increasing their activities in key-markets, where LATAM will be one of the largest growth factors. They are currently building a team in Brazil to fulfil the needs of the customers.
The goal for 2024 is to be operational in 170 countries and over 100 wallets globally. This wont be easy, but with dedication and teamwork, they will make it happen. Soon they are able to announce two very interesting partnerships, which will get them a step closer to their ultimate goal: To make crossborder payments as frictionless as a local alternative payment method. In emerging market even 10 dollars in the evening can make the difference of having dinner or not.
TerraPay simplifies global money movement – by providing a single connection to the most expansive cross-border payments network regulated in 30 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.