TerraPay lands EMI licence in Italy as it plots European expansion
Global payments infrastructure firm TerraPay has landed an Electronic Money Institution (EMI) authorisation from the Bank of Italy.
TerraPay lands EMI licence in Italy
With the approval in hand, TerraPay is now setting its sights on expanding operations within Italy and subsequently across the European Union.
Founded in 2014 and headquartered in the UK, TerraPay is registered and regulated across 29 global markets. A B2B company, TerraPay offers its technology platform to other businesses to enhance their customer proposition for remittances, payments and cross-border spending.
The expansion news follows TerraPay securing $100 million in debt and equity funding as part of its Series B round in April. The firm had then said it would be using part of the investment to “build out” its regulatory and compliance infrastructure, including applying for new licences across the world.
“Securing this authorisation firmly establishes TerraPay as a trailblazer in the realm of electronic money within Italy, while also paving the way for exciting avenues of expansion and growth across both the Italian and European markets,” says Ram Sundaram, co-founder and COO of TerraPay.
