(Ecofin Agency) - Following its $8 million investment in 2019, the International Finance Corporation (IFC) is once again partnering with fintech firm TerraPay. Together with other partners, they are injecting a total of $75 million to support the company's expansion in Africa.

TerraPay, a digital payments provider focused on Africa, is set to receive $75 million through a financing arrangement led by the IFC. Announced on July 10, the deal includes a $30 million loan from IFC’s own account, a $15 million loan from asset manager ILX, and a combined $30 million parallel loan from the development finance institutions of Finland and Belgium.

This funding will enable UK-based TerraPay, which facilitates remittances from diaspora communities to bank accounts and mobile money in Africa, Asia, and Latin America, to strengthen its operations. The company plans to establish partnerships with global money transfer operators to increase transaction volumes across Africa.

In 2019, IFC had invested $8 million in TerraPay during a Series A funding round. By increasing its commitments to this fintech, alongside other partners, IFC aims to reinforce TerraPay’s digital payment infrastructure, expand its network, improve its technology, and enhance the solutions it develops.