Netherlands-based TerraPay, which is part of the Mahindra Group, has acquired 100% of UK-based Pay2Global for an undisclosed amount.
Pay2Global is a regulated digital international money transfer company with passporting rights into the European Economic Area (EEA).
Following the acquisition, Pay2Global will be rebranded as Terra Payment Services (UK) Limited. It will commence services to key markets in Asia and Africa within the current financial year, according to TerraPay.
TerraPay expects the acquisition to enable it instantly scale its service footprint in the 32 countries of the EEA.
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 drive increased adoption of the TerraPay platform globally."
Pay2Global director Clive Shelton commented: "We are delighted to have contributed to TerraPay's ambition to provide low-value cross-border remittances in full compliance with the AML/CFT regulations. We look forward to linking up with other participants of the scheme to terminate transactions and providing our customers with low-cost convenient way to send and receive money."