TerraPay, the mobile-first international payment network incubated by Mahindra Comviva, has completed the acquisition of UK-based Pay2Global, following regulatory approvals, for an undisclosed amount.

Pay2Global is a regulated digital international money transfer company with passporting rights into the European Economic Area (EEA). One in five migrant workers – approximately 50m people – live and work in Europe, making the region home to a quarter of global remittance flows, according to the Internaional Fund for Agricultural Development (IFAD). The acquisition will help TerraPay instantly scale its service footprint in the 32 countries of the EEA, accelerating growth by expanding the reach and the range of its money transfer products.

Following the acquisition, Pay2Global will be rebranded Terra Payment Services (UK) Limited and will commence services to key markets in Asia and Africa within the current financial year. Of the total $110 billion of remittances sent by migrants living in Europe, an approximate two-thirds ($73 billion) are sent to developing countries outside Europe, according to the IFAD, creating a sizeable addressable market for TerraPay.

TerraPay is building global payment infrastructure for low-value, cross-border transactions. The service interconnects mobile wallet service providers, financial institutions and money transfer operators in key send and receive markets. In this respect, the EEA markets are complementary to TerraPay’s international money transfer network in Asia, the Middle East and Africa and will add new source and receive locations and some of the worlds largest and fastest-growing corridors.

Commenting on the acquisition, TerraPay founder and CEO Ambar Sur said: “We are now open for business in the UK and the EEA, among the world’s top markets for remittances. Strategically, the acquisition provides a smooth passage into key European markets and would (sic) drive increased adoption of the TerraPay platform globally.”