Ripple’s Partner TerraPay Got Acquired, Will It Bring XRP To Global Users?

Ripple’s TerraPay partner, recently got acquired for an undisclosed sum of money and the company even raised $9.6 million from Prime Ventures, Partech Africa and IFC as a part of the new deal as we are reading in the ripple price news.

Ripple’s partner TerraPay is a regional and global payments fintech startup with the help of Comviva which is a mobile solutions provider in India. TerraPay is a new payment provider which links, financial institutions, mobile money operators and mobile transfer operators into the payments network in order to reduce the costs. TerraPay secured more than 20 licenses to operate in more than 60 countries and has offices in Asia, Europe, and Africa with plans to expand across the world with the $9.6 million.

The platform will also be able to offer banking services to industries that were excluded from the traditional payment processors and credit card platform and they will also make possible for the mobile money accounts to be used by companies to pay their employees some salaries and allow remittance payments to settle in real time. TerraPay made more partnerships with global payment networks such as MoneyTrans, Paga, Visa, Instant Cash, and MoneyGram.
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Unlike most of the partnerships that leverage Ripplenet technology for cross-border payments.

Ripple’s partner also made other partnerships with other competitors of Ripple in the global payments market such as Western Union. TerraPay will utilize XRP or some of the other Ripple payments tech in the close future but as it stands now, there are no plans for such a joint-venture. Ambar Sur who is the CEO of the platform explained:

‘’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.’’

While Ripple and Terrapay have the same goals of making remittances accessible for more people and much cheaper, it remains to wait and see how much overlap in the shared goals will be leveraged by the new partnership.