A group of investors acquired payment infrastructure company TerraPay from Comviva for an undisclosed sum, with its new owners set to invest $9.6 million to fund future expansion.

Investors involved in the buyout include Prime Ventures, World Bank affiliate IFC and Partech Partners.

TerraPay provides payment infrastructure services which allow financial institutions, enterprises and mobile money operators to transfer funds to accounts held with other providers.

The company targets organisations aiming to reduce the cost of fund transfer to emerging markets, providing a central exchange platform at a cheaper rate than traditional international remittance services.

Paulo de Bolle, IFC senior director of the Global Financial Institutions Group, said its investment would enable the service’s growth and expansion, while helping lower the cost and easing the process of remitting funds to family.

“Fintechs like TerraPay play a vital role in increasing financial inclusion in emerging markets.”

TerraPay was founded in 2015 and incubated by ICT and financial technology company Comviva. It has 25 licences in place allowing it to operate in 60 countries across Africa, Asia and Europe. The company has a number of partnerships in place with mobile wallet providers.